Financial companies getting familiar with Ripple
According to reports from Fortune, the Ripple cryptocurrency has announced the integration of four new Financial companies that will be using its DLT network. Ripple was the second most valuable crypto on the market last year.
The persistent efforts of Ripple has helped it to partner with financial institutions, which is now a game-changer for San-Francisco based Blockchain start-up. Ripple has been very busy with campaigns, partnerships and making deals worldwide, while presenting what the Blockchain has to offer.
One of the new partnership of Ripple is the Euro Exim bank. In a report yesterday was stated that the Exim bank will become the world’s first registered bank to use xRapid, in order to facilitate cross-border transactions.
Another rally for Ripple
The other three companies that are scheduled to integrate Ripple into their daily services are: FTCS, SendFriend, JNFX and TransPayGo. There has been confirmation that these companies will be using XRP in order to boost liquidity while sending international payments.
However, some new Ripple partners have said that they will not be holding any XRP, but will be using the coin to settle international payments.
In a interview with Fortune , the CEO of Ripple Brad Garlinghouse stated that:
“This is consistent with Ripple vision of XRP as a fast and inexpensive source of liquidity for cross-border transactions. Instead of banks having to maintain foreign bank accounts, the idea is for them to buy XRP with dollars or euros and rely on local market makers to exchange XRP into local currencies.”
According to a statement from Brad Garlinghouse:
“2019 is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines, today, you can’t say that as people are starting to use xRapid because it’s better, faster, and cheaper.”
Ripple made an announcement that there are currently more than 200 financial institutions that have joined its network. Ripple is now operating in over 40 different countries across the globe.
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