Ripple expands in Africa: RedotPay launches new “Crypto-to-Naira” service
- RedotPay and Ripple collaborate on crypto NGN payouts that occur in near real time.
- The service is available for multiple cryptocurrencies, and it improves the efficiency of international transfers.
RedotPay hat in Cooperation Ripple introduced the “Send Crypto – Receive NGN” function. Verified users with Nigerian bank accounts can now convert digital assets into the local fiat currency, Naira, in minutes.
The service supports USDC, USDT, BTC, ETH, SOL, TON, S, TRX, XRP and BNB, with plans to also include Ripple’s RLUSD in the future.
Transfers available through the Ripple Payments network utilize an enterprise-grade blockchain business network, making them faster and less expensive than transfers, which cost 6.49% and often take up to five business days.
In the new collaboration, RedotPay can scale stablecoin-driven payments across Africa with secure, near-instantaneous settlement. Customers transfer cryptocurrencies through the RedotPay intermediary and receive the NGN directly into their local bank accounts.
The move is an expansion of services in response to increasing demand for digital alternatives to traditional transfers, particularly from workers and freelancers.
Global reach and multi-market payments
The launch of Ripple Payments is part of RedotPay’s multi-market strategy, which already offers payouts in BRL and MXN. Now Ripple Payments will also help improve the transparency, speed and security of the platform.
Germany introduces Ripple for banks’ crypto deposits
In November began DZ BANK, one of the largest German banks, is launching its institutional custody business for digital assets with the Ripple “Custody” technology. It offers secure storage of cryptocurrencies and tokenized bonds – including the blockchain-based bond from Siemens.
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