Bitcoin, Crypto currency, Blockchain

Ripple News: 10 financial institutions actively use XRP for payments

6246b8538be91e8f682234d56a9f3fcf - Ripple News: 10 financial institutions actively use XRP for payments

Ripple News: 10 financial institutions actively use XRP for payments

Home News Ripple News: 10 financial institutions actively use XRP for payments

Of
Marcel Knobloch –
04.05.2019

The American Startup Ripple provides payment solutions for companies of any size in the world. The transaction costs must be reduced, the speed and the safety are on the rise. At a conference in Paris Ripple reported that the adaptation of the native Assets of Ripple, XRP, grows and thrives.

Marjan Delattine, the global Bank-in-chief of Ripple on the summit of the Paris Blockchain week that at least ten major financial institutions XRP. Significantly but that it is mainly smaller companies that come on Ripple, and the benefits of XRP, in practice, want to use (freely translated):

Bank transactions are very complicated and cause high costs. The majority of these costs relate to the management of liquidity. This means that billions or trillions are included cash in accounts to move money around the world.

I think the way that we see the application of Crypto-Assets, in this case, XRP, a Live product, depends on how you on-demand liquidity to be able to obtain. This has particular impact for, not necessarily large banks – a large, since you seem to have a different capital equipment – but smaller institutions pay a lot of money to ensure that the target account is held in a Nostro-Vostro-to-many relationship, as we like to call it. You actually fight with these costs. Especially in the case of the requirements of the regulator.

The use case that we see, so clearly, lead to non-uniform accounts, or funds in the target currency, but as crypto-Assets, in this case, XRP, can be used to obtain on-demand liquidity at a cheaper price . The product was taken at the end of last year. We have ten financial institutions that use the active, and the volume increases every day.

Ripple-Fans often criticize that many heavyweights of the financial industry, although often the software solution xCurrent, in order to optimize their cross-border Zahungen. However, the digital Asset, XRP is not used. xRapid is used, XRP, in order to transport digital values from A to B. Ripple has brought on xRapid last year on the commercial market, since the adaptation continues to rise. Some companies xRapid are, among other things:

  • Euro Exim Bank
  • Bittrex
  • Bitso
  • Bitstamp
  • Mercury FX
  • Catalyst
  • SBI Virtual Currencies
  • SendFriend

The difficulty in the case of a rapid adaptation of xRapid is according to the CEO of Mercury FX, is that the infrastructure for xRapid must first be established. xRapid exchange the original currency of the source country in a Transfer of XRP to swap them in the destination country, for example, against the Peso. This Swap needs to happen in the rule of a crypto-currency exchange. Exchanges are, however, known that you do not perform a full KYC checks, even if the Trend is clearly in this direction. This means that Mercury FX must adhere to the Ripple of the recommended exchanges. This is for a fast spread is not always conducive, describes Alastair Concastance to decrypt media.

Featured Image: Aleksey Ivanov | Shutterstock

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