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QNB Expands RippleNet’s Philippine Capabilities

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  • QNB launched a direct remittance service from Qatar to the Philippines.
  • It is the first bank in Qatar to introduce this Service.

A direct remittance service for money transfers from Qatar to the Philippines has been launched by Ripple partner QNB. It now holds the distinction of being Qatar’s first bank to offer the cross-border remittance service. The service would let them instantly send funds up to PHP 50,000 to any bank in the Philippines. It primarily serves Filipinos living in Qatar.

The QNB wants to speed up financial transactions for its target clients by utilizing the cross-border capabilities of RippleNet.

General Manager of QNB Group Retail Banking, Adel Al-Malki, stated:

QNB has always been a pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.

QNB Supporting MENA Region RippleNet Expansion

According to certain sources, the growth of the cross-border payment arrangement between the bank and Ripple Labs Inc is demonstrated by the development of remittance services to the Philippines via RippleNet. In October of last year, it was decided to work together to make these kinds of financial transactions available to everyone.

Navin Gupta, Managing director, South Asia, and MENA, at Ripple, stated:

QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to the Philippines via RippleNet.

With this most recent service, Ripple is further extending its reach in the Middle East and North Africa region. The company has been growing in new markets gradually. 

And  also Airwallex, a Ripple partner, announced last month that its international payments services are now available in New Zealand. Businesses in the nation will now have access to Airwallex’s global payment services, which are the ideal substitute for traditional banks.

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Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

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Ethereum Price Slides As Staked Token Reaches New Ath Ahead Of Hyped Merge

Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract.

According to the development team, this occurs about a month before the Merge is scheduled to occur.

Ethereum Staked Token Hit New ATH

According to Dune Analytics data, more over 13.2 million ETH have been deposited to the staking contract, however there are only about 80,000 unique depositors.

ETH Staked on ETH 2.0 Contract. Source: Delphi Digital

The graph above shows how ETH’s amount locked in the staking contract has gradually increased and reached a new all-time high in terms of ether.

A far cry from the peak reached last year, when ETH was close to $5,000, the USD value had soared to just shy of $24 billion.

The remarkable results come as the Ethereum development team continues to provide updates on the progress of the switch from PoW to PoS.

The most anticipated event in the bitcoin sector this year is referred to as the Merge.

Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability.

Numerous well-known crypto insiders predict that it will significantly affect the price of ETH. According to recent claims made by Arthur Hayes, it might increase the asset’s USD valuation in a manner comparable to BTC’s halving.

On the other hand, Mark Cuban cautioned that the Merge might initially be a “sell-the-news” event but thinks it’s a good move overall.

Price Have Began To Slide

According to the weekly shift in the Ether-Bitcoin cross rate, Christophe Barraud, chief economist, strategist, and top forecaster at Bloomberg, Ethereum is poised to lose ground against Bitcoin for the first time in seven weeks.

Ethereum

ETH/USD trades at $1,800. Source: TradingView

After the Consumer Price Index (CPI) or inflation data report came in better than expected, Ethereum has outperformed Bitcoin in recovery despite the decline relative to BTC as both remain highly correlated with the S&P 500 stocks, according to a report published on August 17 by the on-chain social metrics platform Santiment.

Featured image from Pixabay, Chart from TradingView.com, Delphi Digital

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Tether Announces Hiring of Fifth Largest Accounting Firm For Audits

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Tether Tokens Usdt Will Be Available On Tezos