Ripple teams up with Chipper Cash to expand cross-border payments in Africa

Ripple has joined forces with Chipper Cash to bring crypto-powered cross-border payments into Africa.

Ripple has partnered with Chipper Cash, a cross-border payments app, to enable crypto-powered money transfers into Africa , aiming to make “faster, cheaper, more efficient cross-border payments.”

In a blog announcement on Thursday, Ripple said that the partnership brings its offerings to Chipper Cash’s five million customers in nine countries across Africa. Reece Merrick, Ripple’s managing director for the Middle East and Africa, commenting on the partnership noted that businesses and consumers in the region are “increasingly recognizing the potential of blockchain technology.”

“As the global cross-border payments market grows, more institutions like Chipper Cash are tapping into the transformative power of blockchain technology to drive efficiency and innovation.”

Reece Merrick

Despite the announcement, Ripple’s XRP ( XRP ) token is trading down 4.15% at $2.36, with its market capitalization staying at $137.5 billion.

The partnership follows Ripple’s recent decision to drop its appeal against the U.S. Securities and Exchange Commission. Ripple’s chief legal officer, Stuart Alderoty, said both parties agreed to withdraw their appeals and settled on a reduced fine, lowering the initial $125 million penalty to $50 million.

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