What’s Going On?
Oman-based BankDhofar is the latest bank to join RippleNet, Ripple’s global enterprise blockchain network.
Why Does It Matter?
BankDhofar joins more than 100 financial institutions using Ripple’s blockchain technology in their global payments services, reported Muscat Daily.
Dr Tariq Taha, Chief Information Officer at BankDhofar. said: “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.”
Big In Oman – But Elsewhere?
California-based Ripple is on a roll. Last month we reported Spain’s Santander launched One Pay FX, a foreign exchange
service that uses Ripple’s distributed ledger system xCurrent to make same-day international money transfers.
BankDhofar did not say which Ripple products it will use or if it will use the open-source codebase XRP Ledger which utilises the XRP cryptocurrency, reported CoinDesk.
The Omani bank’s latest move comes as part of its digitisation strategy, reported CCN, which saw it join multinational blockchain consortium BankChain earlier this year.