Morocco’s largest bank approaches crypto as a new member of RippleNet

Morocco’s largest bank, Attijariwafa, has become the latest institution to join RippleNet, the international cross-border payments network designed by Ripple (XRP).

Attijariwafa Bank has become the latest MENA bank to join RippleNet

According to a source from a local report, it is revealed that Attijariwafa Bank has become a member of the RippleNet ecosystem. By entering the cryptocurrency world, the Moroccan financial institution has cemented its position as an innovative banking leader in the North Africa region.

Adnane Driouech, Director of Corporate Cash Management at Attijariwafa, said that the bank has been looking to enter the crypto industry by pitching several ideas over the past year or so. Joining RippleNet and gaining access to the blockchain universe is a significant milestone for the organization, he concluded:

“With RippleNet, we can connect to other blockchains quickly and efficiently in terms of payments.”

Attijariwafa Bank confirmed it is also partnering with Thunes, a transfer aggregator and member of RippleNet. This partnership will significantly benefit Moroccans living in the UK and the Netherlands.

Attijariwafa is currently the most extensive banking institution in Morocco, with $53.3 billion in assets under management. In addition, the bank has shares traded on the Casablanca stock exchange, which has more than 4,900 branches in the UK, China, Spain, Tunisia, and many other countries.

Last month, Ripple CEO Brad Garlinghouse announced that the company had its best year ever, despite intense litigation with the SEC. Especially the impressive growth presented in the third quarter of the 2021 revenue report, with the ODL engine, a payment solution that uses XRP as the bridge currency, now accounting for a quarter of all company transactions.

Before entering the relationship with Attijariwafa, Ripple also succeeded in becoming a solid partner of the National Bank of Qatar and Bhutan in the CBDC pilot in September. Notably, Bhutan As the only carbon negative globally, Bhutan is very focused on green initiatives, and Ripple will play an essential role in helping the country achieve this goal.

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