As per Ripple’s recent announcement, around 13 more financial institutions have got itself connected with the RippleNet, thereby taking the total count to over 200. Out of the 13, five institutions will use the feature of ripple (XRP) cryptocurrency for liquidity.
As per the information revealed by the press, the five institutions are JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank which will use XRP to access liquidity on demand.
Talking about these association of the institutions with Ripple, the director of Euro Exim Bank, Kaushik Punjani, 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 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.”
Out of all the institutions connected with Ripple, most of the institutions would not be using Ripple for liquidity. These institutions would be using a network of various other institutions for cross-border payments and would be using the Ripple platform for settlement using its settlement layer known as the Ripple’s enterprise blockchain. Remarkably, BBVA has arranged loans to Porsche, in which it used the Ripple’s technology to process large instant international transfers
Within the financial world, RippleNet and xRapid are the main products offered by Ripple, where RippleNet will let the banks in its network to work with other participants within the same network, thereby leading to a drastic decrease in the transaction cost, on the other hand, xRapid provides liquidity instantaneously through XRP.
As stated by Brad Garlinghouse concerning these new additions to RippleNet “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. 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.”
As more and more government regulation enters the crypto world, it will lead to the growth of Ripple in an enhanced way, the reason, Ripple is one of the most regulatory-compliant cryptocurrency in the market today, which makes it a bank-friendly product
In the last 24 hours, the Ripple price remained steady around 37 cents, which is still far off from its all-time high price of over $3. On the development front, Ripple continues to work on developing its technology and business relationships to enhance its value.