The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. The new financial institutions are as follows.
- Euro Exim Bank
- Ahli Bank of Kuwait
- BFC Bahrain
- WorldCom Finance
- Olympia Trust Company
5 Using XRP to Source Instant Liquidity
Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. The use of XRP allows them to make faster, lower cost payments than when using traditional corresponding banking systems. This directly means that they are using Ripple’s xRapid payment solution.
The 5 new financial institutions adds to three that had been confirmed by Ripple back in October after the Swell Event. They are Mercury FX, Cuallix and Catalyst Corporate Federal Credit Union.
News of more financial institutions using xRapid is in line with Brad Garlinghouse’s June 2018 remarks that over a dozen banks will be using XRP by 2019. We have 8 confirmed thus far. His exact words were as follows:
By the end of this year , major banks will use xRapid as a liquidity tool. By the end of next year , I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity.
Kaushik Punjani, Director, Euro Exim Bank, explained how his firm will utilize Ripple based solutions:
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.
Ripple and XRP Fans Defend Both With Zeal
The XRP community has continually believed that Ripple’s blockchain solutions will be adopted by most financial institutions across the globe and thus edging out SWIFT from the cross border payments/remittance industry. In an interview with CNBC, Brad Garlinghouse mentioned the excitement that was experienced in the crypto-verse early last year.
People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space. There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.
What are your thoughts on the total number of RippleNet customers exceeding 200 this early in 2019? Is it a sign of good things to come? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.