Investment firm BankDhofar joins the international payment network of Ripple

If there is one company that can boast of having new partners every month, it is Ripple, above all because of the increasing adoption that its payment solutions based on Blockchain have had during the last months. Recall that just last February, at least six major companies joined the list of more than 100 allies of the company behind the XRP cryptocurrency.

One of the most outstanding Ripple solutions dedicated to the financial sector is RippleNet, a payment network that seeks to improve international transactions using the company's Blockchain technology. Companies like LianLian, the largest payment provider based in China, have already joined this initiative.

Now, the financial investment management firm based in Oman, BankDhofar, has also joined RippleNet. In a press release published by the financial company, it is stated:

Ripple's leading Blockchain solution for cross-border payments, which includes bidirectional material and instant settlement functions, will help BankDhofar save customers time and money when sending payments abroad. BankDhofar joins more than 100 financial institutions, including banks and payment providers, that use Ripple's Blockchain technology to offer a global payment experience that offers instant, secure and low-cost international transactions to its customers.

In this way, the financial firm becomes one of the pioneers in the Middle East with respect to the use of this payment network based on Blockchain. Previously, this institution had joined an initiative called Bankchain, where 27 banks work together to explore solutions based on Blockchain for the banking sector.

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In the statement, it is not specified what type of Ripple products will be used by this bank to take advantage of RippleNet, but the truth is that it is a considerable effort of the firm to position itself as a leader in the Gulf region.