As a long-time crypto investor and follower of the XRP community, I can’t help but feel a sense of pride and validation witnessing the recent partnership between Coopbank of Oromia and InFTF on the XRP Ledger (XRPL) sidechain Xahau. It’s been years since I first invested in XRP, drawn by its potential to revolutionize cross-border payments. And now, seeing it come to life, making a tangible difference in the lives of people in Ethiopia and beyond, is truly heartening.
A collaboration has been formed between the Cooperative Bank of Oromia in Ethiopia and InFTF, a forward-thinking financial startup, which has led to innovative applications of the XRP Ledger (XRPL) offshoot known as Xahau. Wietse Wind, creator of XRPL Labs and key developer of Xahau, celebrated this significant achievement, stating that the team’s years of dedication have resulted in practical solutions designed for everyday use by real people.
The XRP Ledger Xahau and Coopbank Deal
Under the well-known name Coopbank, they’re planning to debut Ethiopia’s initial blockchain-driven remittance system in partnership with InFTF. This groundbreaking initiative is designed to dramatically transform international money transfers. The remittance service will provide quicker, safer, and more cost-effective transactions for Ethiopians and residents of various countries, aiming to modernize the cross-border monetary exchange process.
Proud beyond words.
The collective efforts of our community, our allies, and our team over numerous years on the XRP Ledger, Xahau hook integrations, services provided by the c14_team, and GateHub’s stablecoins have resulted in practical, beneficial solutions designed specifically for everyday users.
Today, we see the start of the technology we’re so passionate about solving…
— WietseWind (🪝🛠 Xaman @XRPLLabs) (@WietseWind) October 3, 2024
For Ethiopians living abroad, transferring funds has been made effortless, swift, and secure in just a matter of seconds. Thanks to advanced technology, the high fees commonly tied to remittances are no longer a concern. This service is designed to ensure that more money can be sent back home to families and businesses, ultimately promoting financial inclusion. The Ethiopian bank and InFTF have introduced this solution specifically for this purpose.
According to Mr. Harath Chari, a member of InFTF’s management board, the technology we are developing allows for incredibly swift transaction settlements at significantly lower costs compared to traditional methods. This technology is helping create a durable digital financial system that is accessible to all, with a particular focus on regions that have been underserved in the past.
For a while, Coopbank has sought strategies to bridge Ethiopia’s financial gaps. At the core of its search are innovative and customer-centric approaches. This latest debut of a blockchain-powered remittance solution is a significant milestone in Coopbank’s vision.
Following his enthusiasm about the recent advancement, WiesteWind pointed out that the XRP Ledger will assist Coopbank in constructing Hooks and integrations to maintain compliance. Numerous community members acknowledged the importance of XRP in cross-border transactions and praised Wieste for reaching this significant milestone.
XRP-based Solutions Promotes Cross-border Remittance Globally
Ripple Labs Incorporated, a company specializing in blockchain payments, boasts its ability for fast cross-border transactions. Supporters argue that traditional fiat currencies can’t match the speed and security offered by XRP. Contrasting with international money transfers via systems such as SWIFT, which may take from 1 to 14 days to process and heighten settlement risk, XRP processes transactions in mere seconds.
This choice has been popular among many projects and organizations because of its unique characteristics. For example, a few years ago, the blockchain-supported remittance service SendFriend utilized Ripple’s XRP-based xRapid solution to improve its services for its users.)
xRapid is a system utilizing XRP that reduces costs for all global remittances, including SendFriend’s case where USD was converted to XRP and Pesos. Over the long term, users can avoid traditional banking systems and their high fees by using this solution, allowing transactions to be completed swiftly – within seconds rather than days.
Simultaneously, the Saudi British Bank (SABB) debuted its Real-Time Cross-Border Payment System, fueled by technology from the Ripple blockchain platform.
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2024-10-04 16:49