In a significant move, Ripple has announced its expansion into Africa, introducing XRP Ledger and crypto-native services, including custody, in the region. This development aligns with Ripple’s vision to harness blockchain technology for cross-border payments and beyond.

Partnership with MFS Africa

Ripple has partnered with MFS Africa, a leading payments firm operating in 35 countries across the continent. MFS Africa will utilize Ripple’s On-Demand Liquidity (ODL) product, which leverages XRP for seamless cross-border transactions, including remittances. This collaboration aims to enhance the efficiency and speed of payment processes in the region.

Crypto-Native Services and Custody

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the firm’s ambition to venture into “crypto-native services” like custody, building on their established reputation in the payments sector. This move marks a significant step in Ripple’s efforts to establish a stronger presence in emerging markets.

Legal Challenges in the US

Ripple’s expansion comes at a time when the company is embroiled in a significant legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security, seeking approximately $2 billion in fines for its institutional sales of XRP. Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million.

XRP Price Surge

Amidst these announcements, XRP has experienced a notable increase in value. The cryptocurrency’s price surged from $0.48 to $0.52, marking a 4.2% rise. Currently, XRP is trading at $0.52, with technical indicators suggesting potential for further gains to $0.55.

Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into ” crypto native services” (custody) and supporting the #XRPL program in the region.
👉https://t.co/MzySaYOw5A
“Looking to expand quite heavily here” pic.twitter.com/RfVE7xUjpH

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) May 17, 2024