Market capitalization of Ripple grew by 10% after signing an agreement with Saudi Arabia

Capitalization of Ripple has grown, as the central bank of Saudi Arabia has signed an agreement with the company on the application of their blockchain technology.

In a deal signed with the Saudi Arabia Currency Board (SAMA), Ripple software was specified, which will be used in banks of the country to improve the payment system through blockchain technology.

The pilot program, the first of its kind, which attracted the attention of the central bank, will allow banks to use the xCurrent software from Ripple to instantly calculate payments.

It is expected that the transaction will facilitate faster, cheaper and transparent cross-border transactions.

Token Ripple (XRP) experienced a surge of interest from investors. Arriving at the level of 1,03 dollar on Wednesday morning, XRP now costs 1,13 dollars, and its market capitalization has increased by 4 billion, which is 10%.

Author: Olga Novikova, Analyst Freedman Club Crypto News
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