XRP market cap adds $2B following Ripple’s payment network expansion

XRP‘s market capitalization increased by over $2 billion during the past day following news that Ripple expanded its global payments network into three new corridors.

Data from CryptoSlate shows that XRP’s market cap rose to as high as $37.44 billion today, Nov. 8, from the $35.32 billion recorded on Nov. 7.

Ripple launches new payment corridors

According to a Nov.7 statement, the San Francisco-based firm is partnering with payments fintech company Onfariq to open routes connecting Africa, the UK, Australia, and Gulf Cooperation Council (GCC) countries, including Qatar and the UAE.

“Onafriq is eliminating the traditional problems associated with cross-border payments such as lengthy transfer times, unreliability and excessive cost.”

The crypto company explained that PayAngel customers in the U.K., Pyppl users in the Gulf Cooperation Council (GCC) nations (including in the UAE and Qatar), and Australian users of Zazi Transfer will be able to make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network

Dare Okoudjou, the founder and CEO of Onafriq, said:

“These connections are set to enable fast, secure and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”

Monica Long, Ripple’s President, explained that Ripple’s new payment iteration is an evolution of its product. Long continued that:

“Our customers can tap into crypto utility without having to be an expert in using this technology. A single onboarding experience, with Ripple managing the end-to-end flow to move value at any time, as fast and low-cost as possible.”

This latest expansion highlights Ripple’s ongoing growth and resilience. The company recently notched a major win against the U.S. Securities and Exchange Commission (SEC), which dropped charges against its executives, including CEO Brad Garlinghouse and co-founder and executive chair Chris Larsen.

Besides that, the company has also gathered major payment licenses in Singapore and multiple U.S. jurisdictions.