Ripple has joined forces with Chipper Cash, a leading cross-border payments platform, to introduce blockchain-driven African remittances.
The collaboration aims to enhance the efficiency, speed, and affordability of international transactions on the continent.
In an announcement on March 27, Ripple highlighted that its partnership with Chipper Cash will extend its crypto-powered financial solutions to five million users across nine African nations. Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized the growing adoption of blockchain technology in the region.
“As the global cross-border payments market grows, more institutions like Chipper Cash are tapping into the transformative power of blockchain technology to drive efficiency and innovation.”
Merrick stated.
Despite the announcement, Ripple’s native token, XRP, has seen a 4.15% decline, trading at $2.36, with its market capitalization holding steady at $137.5 billion, according to CoinMarketCap data.
The partnership comes on the heels of Ripple’s decision to withdraw its appeal in its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple’s chief legal officer, Stuart Alderoty, confirmed that both parties agreed to drop their appeals, resulting in a reduced settlement fine of $50 million, down from the initial $125 million.
However, the resolution is still subject to final approval from the SEC. Pending court procedures and final documentation must be completed before officially closing the case, which dates back to December 2020.
The announcement follows Ripple’s recent partnership with Unicâmbio, a Portuguese currency exchange provider, to facilitate cross-border transactions between Portugal and Brazil. Revealed in a press release on February 10, the collaboration marked Ripple’s first payment solution deployment in Portugal, further expanding its footprint in Europe. The partnership aimed to streamline transactions for corporate clients by improving speed and efficiency while minimizing friction. Ripple established a strong presence in Brazil, working with financial institutions such as Travelex Bank and Mercado Bitcoin.
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