Ripple Expands Its Global Influence As XRP Surges&nbsp

Ripple, the cryptocurrency-based network for money transfers and payments introduced in 2012, will reportedly collaborate with payments fintech Onafriq to extend remittance capabilities throughout Africa and connect with several Gulf nations, the United Kingdom, and Australia.

Ever since the infamous lawsuit was filed against Ripple back in 2020, the company has gradually gained recognition within the global cryptocurrency community for its continued defiance of the United States Securities and Exchange Commission (SEC), which is often seen as overbearing and reactionary.

Going global

At the annual Swell conference in Dubai, three novel blockchain-driven payment routes were unveiled, connecting Onafriq users in Africa with customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.

Ripple President Monica Long expressed her enthusiasm at this development, highlighting the prominent role Onafriq has in the African payment landscape where it has provided over 400 million mobile wallets to date. Monica believes that this will greatly help Ripple expand across 90% of foreign exchange markets.

Concurrently, the value of XRP surged this week following approval being granted to the token by the Dubai Financial Services Authority as well as Ripple continually being involved in a central bank digital currency (CBDC) initiative with the National Bank of Georgia (NBG).

Slowly gaining momentum

Ripple has unveiled various product enhancements and licensing updates thus far, with a keen focus on facilitating payments between enterprises and small businesses. The company has been steadily acquiring licenses all over the world, including money transmitter licenses in the United States, an institutional payments license in Singapore, and has recently filed for licenses in the United Kingdom and the European Union as well.

Earlier this year, Ripple won a partial victory in its legal battle with the Securities and Exchange Commission, thanks to a court decision that provided some regulatory clarity for the cryptocurrency industry.

The SEC, on the other hand, will not go down without a fight, as both the agency and Ripple have until November 9th to collectively present a briefing schedule with solutions to the charges levied against Ripple for its alleged XRP sales to institutional investors.