Ripple has partnered with Chipper Cash to introduce crypto-based cross-border payment solutions in Africa.
Ripple has teamed up with Chipper Cash, an app designed for cross-border payments, to facilitate crypto-enabled money transfers across Africa, with the goal of creating “quicker, more cost-effective, and efficient cross-border transactions.”
In a recent announcement, Ripple detailed that this collaboration will extend its services to Chipper Cash’s five million users in nine different countries throughout Africa. Reece Merrick, Ripple’s managing director for the Middle East and Africa, highlighted that there is a growing recognition among businesses and consumers in the region of the advantages offered by blockchain technology.
“As the global market for cross-border payments expands, more companies like Chipper Cash are leveraging the groundbreaking capabilities of blockchain technology to enhance efficiency and drive innovation.”
Reece Merrick
Despite this announcement, Ripple’s XRP token has seen a 4.15% decrease, trading at $2.36, while its market capitalization remains at $137.5 billion.
This partnership comes on the heels of Ripple’s decision to withdraw its appeal against the U.S. Securities and Exchange Commission. Ripple’s chief legal officer, Stuart Alderoty, mentioned that both parties have decided to drop their appeals and agreed on a reduced fine, decreasing the initial $125 million penalty to $50 million.
However, as previously reported, this settlement is still subject to approval from the Commission. Final paperwork and court processes need to be completed before officially concluding this long-standing case that started in December 2020.