Ripple [XRP] – Crypto and blockchain company has recently ‘reported‘ that thirteen new monetary institutions have signed up for the RippleNet payment network, now binging the new total number of consumers over two hundred.
The new institutions vary from locations together with Sweden, England as well as Kuwait, with forty countries in total across all customers. Ripple’s web log post outlined that 5 of the new additions — JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank — would be using Ripple’s asset XRP for liquidity when transferring individuals cross-border payments.
Other institutions new to RippleNet, like CIMB and Olympia Trust Company, would use Ripple technology for immediate settlement and a lot more transparency payments system.
Brad Garlinghouse ‘Ripple CEO’, outlined within his earlier post that RippleNet is seeing 2 or 3 new customers join every week since last year, with a 350 increase in 2018 in customers transferring live payments.
In an ‘interview‘ with CNBC, Garlinghouse, addressing a typical concern that crypto payments are a poor substitute for standard payments because of the currency’s volatility, noted foreign currencies can also be volatile too.
Explaining further, he said:
“The avg. Swift transfer takes 3 days — however actually what we’re seeing is 3 business days. You are taking standard fiat volatility risk whereas markets are closed over the weekend.”
Earlier in March, SWIFT’s blockchain proof-of-concept reportedly was completed successfully with a spotlight on Nostro accounts — a bank’s account within a foreign currency in another bank. At the end of Nov., SWIFT India also partnered with a fintech firm to work on a DLT [distributed ledger technology] network with the aim to extend the potency and security of ‘economic products‘.