Ripple's Enterprise Blockchain Network Adds a New Bank

Muscat-based financial management firm BankDhofar has become the first Oman bank to join RippleNet, a global enterprise blockchain network by Ripple.

AccessTimeIconMay 1, 2018 at 1:01 p.m. UTC
Updated Sep 13, 2021 at 7:53 a.m. UTC

Ripple's global network of banks and payment providers has a new member.

Announced Monday, BankDhofar, an Oman-based financial investment management company, has joined RippleNet, a move the bank says enables it to provide global cross-border payments using Ripple's blockchain technology, a press release states.

As such, the move is the latest that finds BankDhofar among an early set of blockchain movers in the Middle East. Earlier this year, BankDhofar joined Bankchain, a consortium of over 27 banks that was launched in February 2017 to explore blockchain solutions for the banking sector.

Dr. Tariq Taha, chief information officer at BankDhofar, commented:

"With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment."

BankDhofar notably did not say which Ripple products it is seeking to use to tap those benefits, nor if it was open to using XRP Ledger, the open-source codebase that utilizes the XRP cryptocurrency.

Still, the recent entrance into RippleNet blockchain network is a part of BankDhofar’s larger effort "Together 2020," which aims in positioning the bank in the lead in the Gulf region.

"This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers," the release concluded.

Omani Riyals image via Shutterstock

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