Ripple executive "Rapid surge in virtual asset adoption in Africa and Turkey… Payment demand becomes clearer"

Ripple said adoption of virtual asset (cryptocurrency)-based payment infrastructure is rapidly expanding in sub-Saharan Africa and Turkey.

On the 25th (local time), Ripple's head of Middle East and Africa, Lis Meric, wrote on X (formerly Twitter), "Adoption of Ripple solutions is noticeably increasing in both regions," and added, "As the regulatory environment is being organized, demand is becoming clearer."

According to Meric, sub-Saharan Africa's cryptocurrency-based payment volume increased by 52% from July last year to June this year, reaching about $205 billion. Of that, stablecoins accounted for 43% of total transaction volume. In Turkey, the Turkish lira has plunged 80% since 2021 and inflation has reached 70%, and it is reported that more than half of adults hold virtual assets.

According to media reports, Ripple is continuing to expand its African payments business this year. In March, it partnered with local payments firm Chipper Cash to start a Ripple Payments-based cross-border remittance service, and last year it expanded its in-Africa payments network through cooperation with Onafriq. In June, participants in the Ripple Impact drought insurance pilot program held in Kenya received RLUSD-based insurance coverage.

Meanwhile, XRP rose as much as 9% intraday on the 24th to $2.28, boosted by the effect of the ETF launch. The listing of XRP ETFs by Franklin Templeton and Grayscale on NYSE Arca the previous day, which expanded market access, was cited as a factor in the rise. Bitwise's XRP ETF is also reported to have attracted $118 million in inflows over the past week.