According to Fortune, Ripple announced that it would provide its services to 4 more financial institutions.
Last year, Ripple surged its way to become the second valuable cryptocurrency by market capitalization. However, on January 2, Ethereum regained its second position.
Ripple persistent effort to partner with financial institutions seems to be a game-changer for the San Francisco-based blockchain start-up. Over the last few months, the company has secured several important partnerships.
Euro Exim bank is one of the Ripple’s new partners. As reported yesterday, the bank will be the world’s first registered bank to use xRapid for cross-border payments. Speaking to Fortune in an interview, Ripple CEO Brad Garlinghouse said:
“THIS IS CONSISTENT WITH RIPPLE’S VISION OF XRP AS A FAST AND INEXPENSIVE SOURCE OF LIQUIDITY FOR CROSS-BORDER TRANSACTIONS. INSTEAD OF BANKS HAVING TO MAINTAIN FOREIGN BANK ACCOUNTS, THE IDEA IS FOR THEM TO BUY XRP WITH DOLLARS OR EUROS AND RELY ON LOCAL MARKET MAKERS TO EXCHANGE XRP INTO LOCAL CURRENCIES.”
Even so, some of the Ripple’s new partners have said they won’t hold any XRP. Rather, they will use the coin to facilitate international payments.
The other four companies that are set to ink deal with Ripple are: SendFriend, FTCS, JNFX, and TransPayGo. The companies have confirmed they will be using XRP to boost liquidity when sending international payments. Brad Garlinghouse said:
“2019 IS THE YEAR THE WHEAT WILL BE SEPARATED FROM THE CHAFF. NOT MANY MONTHS AGO, THE MEDIA WAS SAYING NO ONE WILL USE XRP, WHICH MADE FOR GOOD SKEPTICAL HEADLINES, TODAY, YOU CAN’T SAY THAT AS PEOPLE ARE STARTING TO USE XRAPID BECAUSE IT’S BETTER, FASTER, AND CHEAPER.”
This news comes barely days after Ripple Labs announced that more than 200 financial institutions had joined its network. The company now operates in over 40 countries across all continents.
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