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5 Banks and Fintechs To Adopt Ripple Cryptocurrency

Sanmi Adeagbo | Jan. 9, 2019
5 Banks and Fintechs To Adopt Ripple Cryptocurrency

Ripple announced that five financial institutions will use Ripple cryptocurrency for liquidity out of thirteen that have reently joined RippleNet.

January 09, 2019 | AtoZ Markets - Ripple announced the addition of thirteen more financial institutions joining its RippleNet. These new additions has put the total to over 200 institutions. Meanwhile, five of them will use Ripple cryptocurrency for liquidity. The eight others will not demand an access to liquidity. In their latest press release, the five institutions that requested liquidity include SendFriend, JNFX, Transpaygo, FTCS and Euro Exim.

What is RippleNet?

According to Ripple.com,

''RippleNet brings together a robust ecosystem of players for the purposes of powering the internet of value. This network is generally made up of banks and payment providers that source liquidity and process payments, as well as corporates and Fintechs that use RippleNet to send payments.

With RippleNet, banks and payment providers can meet their customers' expectations for a ''modern, seamless global payments experience while lowering costs''.

Most of the over 200 companies added to RippleNet will not be using Ripple for liquidity. They will only be using Ripple's enterprise blockchain and the network of other institutions for cross-border payments. One of the companies on RippleNet, BBVA, just gave loans to Porcshe and made massive cross boarder transfers using Ripple's blockchain technology.

About the partnership, Euro Exim Director, Kaushik Punjani said:

Our customers 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.

How Can This Help Ripple?

These new developments have not shown a significant impact on the price of Ripple. Currently, price stabilizes between 40 and 35 cents after a little recovery from the last bearish breakout.Yet, price is far from the all-time-high of $3.3 that was achieved early 2018. Nevertheless, the positive news around Ripple continue o increase. Ripple seems to be a regulatory compliant cryptocurrency as it focuses on banks and financial institutions. Banking and financial institutions are heavily regulated and watched. If it could survive and flourish in this kind of environment, it has a big chance of fulfilling its potentials.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.