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Ripple announces 5 new partnerships: 2 banks, 3 payment service providers

The Ripple network is yesterday to grow by a further five partners. The RippleNet 2 banks of Brazil and India, as well as three payment service providers from Singapore, Brazil and Canada are joined. Both are not the Ripple product xRapid, whose technology use is based on the XRP tokens, but the two alternatives products XCurrent and xVia.

According to the press release, the two banks and three payment providers, the range of the RippleNets in India, Brazil and China should expand.

The new partners are banks, Itaú Unibanco, Brazil’s largest private Bank and Latin America’s largest Bank by market capitalization and the IndusInd, a leading private Bank in India. As well as the payment service provider is InstaReM, with headquarters in Singapore, they use the Ripple product xCurrent. It is goal with other financial institutions around the world faster and more transparent cross-border payments.

The payment service provider, Beetech from Brazil, and Zip Remit to Canada will take advantage of xVia to your customers worldwide transactions. Both also plan a cooperation with the China-based LianLian, which has been using for a few weeks, xCurrent.

InstaRem worldwide, more than 500,000 transactions per year from over 60 countries, including Australia, Canada, Hong Kong, Singapore and India. With the accession to the RippleNet would like to InstaRem allow each customer faster, more cost-effective and transparent transactions.

Patrick Griffin, head of business development of Ripple, emphasized that the benefits of the RippleNets in particular in emerging countries is of great importance, since the members of the RippleNets can save your customers both time and money:

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

The xRapid and XRP-Token controversy

In the past we had already discussed that only a few partners of Ripple use the product xRapid and to the XRP-Token. So far, Ripple has only five partners (over 100 partners), the xRapid.

Questionable seems, therefore, from the point of view of critics, whether the XRP Token has a legitimate entitlement to existence. From our point of view, this is a quite understandable argument. If the RippleNet is mainly used with other products and not the XRP tokens, then the question of the necessity of the token.

However, it is forgotten by the critics is an important Argument. As Brad Garlinghouse, CEO of Ripple, said recently on the Yahoo Finance Summit, the transactions in the context of xRapid and by means of the XRP Tokens by 25 per cent, cheaper, and faster, than the other Ripple products.

Garlinghouse sees the current Phase as one of Transition. Once the skepticism has given way to the XRP, banks and payment service providers change his opinion of the other products xRapid due to its numerous advantages.

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