The Middle East has taken two crypto steps forward – Saudi Arabia is partnering with Ripple (available on Binance) (XRP) and Dubai will be establishing the world’s first cold storage crypto vault.

Saudi Arabian banks will be working with Ripple (available on Binance) (XRP) to test run Ripple (available on Binance) tech.

Ripple (available on Binance)’s software, xCurrent, gives banks the ability to instantly settle cross-border payments with end-to-end tracking. Banks in the Kingdom of Saudi Arabia will now be participating in a pilot program that will allow the banks to try out xCurrent. Thanks to Ripple (available on Binance), Saudi Arabian banks will now be able to process cross-border payments. Beyond this, the payments will be able to be processed with greater transparency and lower costs.

The Saudi Arabian Monetary Authority is the second central bank to work with Ripple (available on Binance)’s xCurrent. Last year, the Bank of England started working with Ripple (available on Binance).