Cryptocurrency

Five More Financial Institutes Will Use Ripple’s XRP

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A very popular cryptocurrency token XRP launched by renowned crypto giant Ripple will be used by five more banks for liquidity. With that, Ripple has revealed that a total of 13 financial institutions has joined RippleNet. Among them, the five banks which will use XRP are JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank. The rest of the eight financial institutes are not going to use it.

Ripple emphasizes that the use of XRP in above mentioned financial firms will make a cross-border payment hassle free. It will also enable these firms to make faster, lower cost payments as compared to the traditional correspondent banking system.

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Ripple has made official announcement noting, “Ripple, the provider of leading enterprise blockchain solutions for payments, announced today that 13 new financial institutions have signed up for the company’s payment network, RippleNet.” In the announcement, it has enlisted the financial firms, apart from those five banks, it includes Ahli Bank of Kuwait, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento. The announcement further reads, “With these additions, there are now more than 200 customers signed up for RippleNet.”

On this collaboration with Ripple, Kaushik Punjani, Director of Euro Exim Bank stated, “As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost-efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.”

Apparently, Ripple is busy developing its technology and growing business relationships with an aim to increase the XRP’s network value. The CEO at Ripple, Brad Garlinghouse talked about the new addition to RippleNet. He said that in 2018, around 100 financial institutions joined RippleNet. And now the firm is signing two or three new customers per week. He claimed that the firm witnessed an increase of 350 percent in its user base during last year.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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