Are Financial Institutions Really Using XRP or Not Yet in Latest Fact Checking Ripple Video Series

Ripple has been growing in the market as a company that offers services for financial companies and banking institutions. Furthermore, the intention is to integrate Ripple with the XRP digital currency to process cross-border payments.

Ripple has recently published a blog post in which the company informed that the RippleNet surpassed more than 200 institutions. However, there are some individuals that are sceptical about these announcements made by Ripple and the real usage of XRP.

The YouTube user Crypto Reckoning has recently published a video in the popular social network in which he suggests that XRP is not being used by some companies that seem to have partnered with Ripple. The video is titled “Factchecking Ripple Part 1: Are financial institutions really using XRP?” and there is a part 2 that could be uploaded in the near future.

The user behind the video decided to make an investigation related to XRP and its usage by companies in the crypto space. Indeed, he decided to contact companies that apparently were using xRapid and XRP for cross-border transactions. These firms are Cuallix, Mercurey.fx and Catalyst.

Marjan Delatinne, the global head of banking at Ripple, said that regulatory frameworks around the world are making it difficult to expand and promote xRapid and XRP. Crypto Reckoning decided to start contacting these companies to see whether they were using Ripple’s technologies.

In the video, he reached different support employees that work for these companies and were able to provide the necessary information about remittances. However, none of them knew anything about Ripple or XRP. Crypto Reckoning mentioned on the matter:

“It’s hard not to wonder whether Ripple’s executives are selling a false reality, dramatically overstating he scope and significance of these partnerships in order to temporarily pump the price of XRP, which they then sell vast quantities for personal profit.”

Nevertheless, the video is not proof that XRP or xRapid are not being used by these three firms. Indeed, there is one firm that he could not reach.

One of the employees did not know about cryptocurrencies while the other didn’t show a clear knowledge on this issue. Thus, this video remains inconclusive, even when the user says that he would be presenting more proofs.

At the time of writing, XRP is the second largest digital currency in the market. It has a market capitalization of $13.35 billion and each coin can be purchased for $0.325.

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