RippleNet Surpasses 200 Customers
Major news for the cyrptocurrency world broke today. Ripple, the US based tech company announced that RippleNet Surpasses 200 Customers Worldwide. As many in the crypto environment beg for mass adoption, Ripple has quietly been going about business of making this a reality for the native cryptocurrency of Ripplenet, XRP. In early 2018 Brad Garlinghouse stated that they would no longer announce partnerships on a cases by case basis, instead promising an announcement at the milestone of 200 partnerships.
RippleNet Surpasses 200 Customers Worldwide
Team Ripple 8/01/2019:
Ripple, 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. The companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento. With these additions, there are now more than 200 customers signed up for RippleNet.
JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers. Using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.
For the financial institutions on RippleNet not currently using XRP for liquidity but interested in immediate settlement—such as CIMB or Olympia Trust Company—they are able to leverage Ripple’s technology and modern APIs for faster, lower cost and more transparent payments.
- Kaushik Punjani, Director, Euro Exim Bank: “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.”
- David Lighton, Founder, SendFriend: “The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
- Ashay Mervyn, Head of Emerging Markets, JNFX: “Payments between countries are beset with inefficiencies—inefficiencies around cost, inefficiencies around speed and inefficiencies around transparency. RippleNet is specifically geared to address these problems. For our customers who range from the largest conglomerates in Africa (with operations and commitments in over 40 countries) to individuals in villages in rural Nigeria, our decision to join RippleNet and utilize their payment solution—including XRP for on-demand liquidity—just makes sense.”
“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity,” said Brad Garlinghouse, CEO of Ripple. “At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”
RippleNet currently operates in over 40 countries across six continents. If you are interested in learning more, please visit us here.
Integration of Blockchain Technology in The Music Industry
As it stands today, the music industry has gained a reputation for being in chaos…
XRP Embarks On Modest Improvement After Recent Drastic Crash
The movement of XRP has improved substantially after the recent March 12 crash The crypto…
The big Ripple XRP lawsuit update
We are not going to pass any judgement on the legal side of this lawsuit.…
Bank of America / Ripple partnership reports “accurate but released too soon”
We already know that Bank of America has been unoficially trialling and working with RippleNet…
Ripple’s XRP to scale up to 65,000 tx/ps sooner than we expected
The matter of XRP transaction speed has been quite contentious. While a lot of people…
Bitmex flash crash doesn’t scare off XRP bulls
On February 13th at 3pm CET the controversial crypto exchange Bitmex flash crashed the price…