Nikolas Sargeant
Unveiling the Latest Ripple Partnership in the Financial Landscape
Commercial International Bank (CIB), one of Egypt's largest banks, has joined forces with Ripple to implement blockchain technology, enhancing the efficiency of cross-border payments. In addition to this technological leap, CIB has also ventured into the realm of non-fungible tokens (NFTs), allowing customers to create unique and collectible digital assets.
Emphasizing the initiative's broader impact, the bank stated, "This collaboration establishes a digital token ecosystem for the tourism industry, streamlining payments and providing loyalty rewards to travelers." This strategic move aligns with the Egyptian government's proactive exploration of blockchain technology's potential for innovative advancements across various sectors. Notably, CIB becomes the second major local financial institution to partner with Ripple, following the National Bank of Egypt's collaboration in 2021.
Ripple's Influence on Central Bank Digital Currencies (CBDCs)
Ripple has actively supported numerous countries in their efforts to launch central bank digital currencies (CBDCs). In 2021, the company collaborated with the Royal Monetary Authority, Bhutan's central bank, to create a digital version of the ngultrum.
Bhutan, recognized as the only carbon-negative nation globally, found Ripple's commitment to sustainability crucial. The CBDC solution, based on the public XRP Ledger, is touted as carbon-neutral and 120,000 times more energy-efficient than proof-of-work blockchains. Ripple's influence in CBDC initiatives extends to the National Bank of Georgia (NBG), where James Wallis, VP of Central Bank Engagements at Ripple, expressed optimism that the solution could drive transformative progress in the country's public sector.
