Ripple announced earlier today that 13 more financial institutions are all set to join RippleNet, taking the grand total to over 200 in it’s growing list of options. The list of newbies to this network is listed as follows:
- Euro Exim Bank
- Ahli Bank of Kuwait
- BFC Bahrain
- WorldCom Finance
- Olympia Trust Company
RippleNet uses the cryptocurrency Ripple (XRP) across its network for various types of transactions. Out of the 13 newly instated institutions within the RippleNet, five of them will use the ripple (XRP) for instant liquidity for their cross border payments. Institutions named in the press release are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.
Kaushik Punjani, Director of Euro Exim Bank, said of the partnership:
“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.”
Of greater interest is perhaps the fact that most of the companies added to RippleNet will not be using XRP for liquidity. They will make use of only its settlement layer, Ripple’s enterprise blockchain, and the network of other institutions for cross-border payments. Most notably, BBVA has arranged loans to car manufacturer Porsche, and have made extensive instant international transfers using Ripple’s technology stack.
Ripple Stable… For Now
Banks and other financial institutions use Ripple as a means to work with other participants in the network while xRapid enables liquidity almost instantly via XRP. At the time of writing, the price of Ripple was around the 37 cents mark, around which it has hovered over the 24-hour period.
Although nowhere near its all-time high of more than $3 per XRP, Ripple is putting-in efforts by continuing to develop its technology and business relationships in order to increase the cryptocurrency’s network value. Another thing repressing the XRP price is the relative abundance of its tokens. All said, the interest in Ripple only appears to be growing.
Brad Garlinghouse said of the 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. 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.”
The only way for Ripple is up as it seeks to be a regulatory-compliant cryptocurrency which will make it relatively easier for it to comply with government regulations and for banks and financial institutions to put it into use.