Ripple conquers new billion-$-market with new partnership

• Ripple makes new inroads to 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 by NALA, which is an agent of Ripple partner Modulr, will drive more remittance volume to Ripple’s cross-border payments settlement solution RippleNet.

Tech Cabal, a leading African fintech-focused new outlet, first reported the expansion. Per the report, the new frontier allows NALA to process remittances to Africa from 19 European Union (EU) countries. This is in addition to the U.S. and the U.K. in which NALA currently operates.

Benjamin Fernandes, the founder and CEO of NALA, remarked that the expansion would financially empower millions of Africans. He adds that NALA is laser-focused on enabling hassle-free remittances for 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 financially empower Africans across the world… 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 financial technology. Modulr, the provider of Payment-as-a-Service API 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 round-the-clock operation gives customers reliable access to international payments networks.

Ripple partnerships already boosting adoption of XRP

Modulr is not the only partner Ripple has onboarded recently. The U.S.-based blockchain-powered payment services provider company has been active in the global remittance market all through 2022.

Ripple announced an Africa-focused partnership with MFS Africa just in November. The digital payment gateway will utilize Ripple’s On-Demand Liquidity (ODL) solution to enable both individuals and businesses to execute crypto payments internationally.

The strides in adoption have market participants hope that the price of XRP will explode in the coming days. Majorly, speculations are strong that once the case between Ripple and the SEC ends in Ripple’s favor, XRP price will reach new highs.

At press time, XRP was trading at about $0.36, down 4.37 percent in the last 24 hours. The price marks a 90.5 percent fall from its previous all-time high price of $3.84.