Ripple News

5 out of 13 new Ripple partners to use XRP

Today Ripple announced that it will provide its services to 13 more financial institutions. The new Ripple partners include the Euro Exim Bank with Ripple noting that the new customers are an indication that banks have started appreciating XRP for cross-border money transfers.

According to Fortune:

“This is consistent with Ripple’s 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.”

However, some of the new Ripple partners like the Euro Exim Bank have indicated that instead of holding XRP coins, they will use the services of payment processors like BitPay although the bank’s head of operations, Graham Bright, said that this is bound to change as the year progresses.

Notably, five (SendFriend, JNFX, FTCS, Euro Exim Bank, Transpaygo) out of the 13 new Ripple partners will be integrating the use of the platform’s native currency, XRP, to facilitate cross-border transactions.

Brad Garlinghouse, CEO, Ripple, said that 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.”

The other 8 new Ripple partners which include BFC Bahrain, ConnectPay, GMT, Olympia Trust Company, among others, will be using the Ripple platform to facilitate transparent, faster, and low-cost payments.

The news of the new Ripple partners comes as the platform is celebrating yet another great milestone – hitting more than 200 customers. The customers are scattered across six continents and in 40 countries where RippleNet has a recognizable presence.

Do you think the new Ripple partners using XRP will positively affect the price of XRP?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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