On Monday 30th April 2018, an Oman based financial investment management company called BankDhofar has announced that they will be joining Ripple’s global enterprise Blockchain technology-based network called RippleNet. This enables them to provide global cross-border payments using Ripple’s blockchain technology.
BankDhofar has joined banking chain of more than 100 financial institutions including 27 other banks and other payment providers. BankDhofar is going to use Ripple’s Blockchain technology to provide global payment experience which can deliver instant, certain, low-cost cross-border payments to all their customers.
Dr. Tariq Taha, the Chief Information Officer of BankDhofar stated:
“We are delighted to be the first bank in Oman to join RippleNet and access more than 100 of its member banks and other financial institutions utilizing blockchain for instant payments. With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
Ripple provides a real-time gross settlement system [RTGS] which offers various services such as currency exchange and remittance network. The system is popularly called Ripple Transaction Protocol [RTXP] or Ripple protocol. The system is created based on a distributed open source internet. Ripple is running based on a shared public database which allows payments and transactions.
At 3:00 PM UTC, XRP is trading at $0.812. The price of Ripple has come down by 2.70 percent in the past 24 hours. Ripple continues to be at the 3rd position with a total market capitalization of $32 billion at present. Ripple’s value has been fluctuating continuously during the last 7 days and has decreased by almost 10%.
BankDhofar is one of the first banks in the Middle East to opt the latest blockchain technology for the improvement of their trading. BankDhofar joins the Ripple’s network as an action in its campaign called “Together 2020”. The main aim of the bank is to be one of the leading banks in the Middle East. Presently BankDhofar has a nationwide network of 58 branches in Oman.
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