Ripple conquers new billion market with new partnership
- Ripple is making new inroads into Africa on the back of Modulr agent NALA’s expansion into Europe.
- The expansion will drive more volume to RippleNet and indirectly XRP.
NALA, a Tanzania-based fintech startup, announced that it has expanded into the European market. The expansion of NALA, which is an agent for Ripple partner Modulr, will drive more remittance volume to Ripple’s cross-border payment settlement solution RippleNet.
Tech Cabal, a leading African fintech-focused new outlet, first reported the expansion. According to the report, the new border allows NALA to process remittances to Africa from 19 EU countries. This is in addition to the US and UK where NALA currently operates.
Benjamin Fernandes, founder and CEO of NALA, noted that the expansion would empower millions of Africans economically. He adds that NALA is laser-focused on enabling hassle-free money transfers to Africa.
“The European economy is the third largest in the world and home to more than a quarter of African migrants. At NALA, our mission is to empower Africans around the world financially… At NALA, we are laser focused on building the remittance company that Africans deserve,” he said.
The development is bullish for RippleNet, Ripple’s decentralized global network of banks and payment providers using Ripple’s distributed finance technology. Modulr, the Payment-as-a-Service API provider for NALA, announced its strategic partnership with Ripple back in February.
At the time, the companies noted that RippleNet could make Modulr’s services easier than ever for businesses to use. This is because it enables real-time, price-competitive and reliable payments internationally. It also allows merchants served by Modulr to directly hold and settle funds at the Bank of England.
In a case study, Ripple described its partnership with Modulr as unique as it offers merchants alternatives to traditional payment methods. It highlighted that RippleNet’s low fees and 24/7 operation provide customers with reliable access to international payment networks.
Ripple partnerships are already increasing the use of XRP
Modulr is not the only partner Ripple has brought on board recently. The US-based blockchain-powered payment service company has been active in the global money transfer market throughout 2022.
Ripple announced an Africa-focused partnership with MFS Africa just in November. The digital payment gateway will use Ripple’s On-Demand Liquidity (ODL) solution to enable both individuals and businesses to make crypto payments internationally.
Progress in adoption has market participants hoping that the price of XRP will explode in the coming days. Speculations are mainly strong that when the case between Ripple and the SEC ends in Ripple’s favor, the XRP price will reach new highs.
At press time, XRP was trading at around $0.36, down 4.37 percent in the last 24 hours. The price marks a 90.5 percent drop from its previous high of $3.84.
