The Ripple network seems to be adopted by more and more banks by the day as crypto ‘awareness’ is continuously encouraging more financial organisations to sign up to Ripple’s technology.
Reports have surfaced regarding the value of Ripple which other banks and payment processing platforms have finally come to realise. The decentralised financial tools and the money that can be saved by using the Ripple network are phenomenal which is providing strong encouragement for many to jump on board the Ripple network.
Last year, the CEO of Ripple, Brad Garlinghouse sat down with Bloomberg for an interview in which they discussed the hundred of banks which have teamed up with the Ripple platform. According to Garlinghouse, they are “solving problems in scale” which the network is focused on solving problems specifically for the financial industry. According to ZyCrypto, “dozens of contracts are signed weekly with banks, remittance companies, and other financial institutions, which have shown interest and acceptance of Ripple financial tools.”
Garlinghouse predicted that there were so many banks which would eventually turn to the Ripple platform. The Ripple CEO made a big prediction at the Money 20/20 European Fintech conference in Amsterdam by saying that there will be a big number of banks coming onto the Ripple network saying, “I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool.”
One of the world’s biggest banks were the first to join the Ripple network, banks such as AK Bank, Cambridge Global payment, Axis Bank, YES BANK, Star One Credit Union and many more.
One of the more recent additions to the Ripple partnering force is the National Bank of Kuwait which has just launched a new remittance service called NBK Direct Remit. The Kuwait Finance house has just launched its zero cost instant cross-border remittance service.
Aside from settling liquidity issues, Ripple’s decentralised financial tools are the best application for cross-border payment processing.
In the current markets today, Ripple’s native token XRP is seeing red after a 1.25 percent decrease over the past 24 hours. The now third largest cryptocurrency in the world is worth 36 cents and has a market cap of $14,807,643,549 at the current time of writing.
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