Ripple Collaborates with Chipper Cash for Wider Cross-Border African Payment Services

Ripple has teamed up with Chipper Cash to introduce cryptocurrency-enabled cross-border payments in Africa.

Ripple has collaborated with Chipper Cash, a cross-border payment application, to facilitate crypto-powered money transfers into Africa, with the goal of making "faster, cheaper, more efficient cross-border payments."

In a blog post on Thursday, Ripple revealed that this collaboration brings its services to Chipper Cash's five million customers in nine African countries. Reece Merrick, Ripple's managing director for the Middle East and Africa, expressed his thoughts on the partnership, stating that businesses and consumers in the region are "increasingly recognizing the potential of blockchain technology."

"As the global cross-border payments market expands, more institutions like Chipper Cash are harnessing the transformative power of blockchain technology to drive efficiency and innovation."

Reece Merrick

Despite the announcement, Ripple's XRP (XRP) token is trading 4.15% lower at $2.36, maintaining its market capitalization at $137.5 billion.

The partnership comes after Ripple's recent decision to drop its appeal against the U.S. Securities and Exchange Commission. Stuart Alderoty, Ripple's chief legal officer, mentioned that both parties agreed to withdraw their appeals and reached a settlement on a reduced fine, decreasing the initial $125 million penalty to $50 million.

However, as reported earlier by crypto.news, the settlement still needs approval from the Commission. Final documentation and court procedures must also be completed before the case, which started in December 2020, is officially closed.