According to CryptoPotato, Ripple is establishing payment corridors across 27 African countries by partnering with mobile payments provider Onafriq. The partnership will enable Onafriq to use Ripple Payments' blockchain technology to power new corridors between the African countries, the U.K., Australia, and the Gulf Cooperation Council (GCC). This collaboration will allow citizens from these countries to conduct low-cost, high-speed remittance and business payments across Onafriq's pan-African network.
In addition, Ripple's XRP has gained approval from the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East. This approval allows licensed crypto firms and businesses within the DIFC to integrate XRP into their digital asset services. Ripple's CEO, Brad Garlinghouse, has expressed the company's intention to double down in the region, as its regulatory environment fosters crypto innovation. With this approval, XRP may now be available as a payment service in up to 72 countries within the Middle East, Africa, and South Asia (MEASA) region, including financial hubs like Saudi Arabia, UAE, Israel, Qatar, and India. These countries have a combined nominal GDP of over $8 trillion.
Despite facing regulatory hurdles in the U.S., Ripple continues to expand its operations in other countries. CEO Brad Garlinghouse has stated that the company is prepared to escalate legal battles if necessary, including taking the case to the Supreme Court if the SEC appeals the case should Ripple win the trial in April 2024.
