2019 has just started and Ripple continues to break new records and expand in the market. Ripple, one of the largest companies in the crypto and blockchain space, announced that 13 new financial institutions signed up to the company’s payment network known as RippleNet. The information was recently released by Ripple in a blog post.
200+ financial institutions are leveraging RippleNet to make international payments faster, lower cost and more transparent. Learn more about our newest RippleNet customers here: https://t.co/scORZ41ngS
— Ripple (@Ripple) January 8, 2019
The financial institutions are Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. In this way, there are now more than 200 customers working on top of the RippleNet.
At the same time, there are some institutions such as JNFX, SendFriend, and others that will be leveraging the digital asset XRP in order to source liquidity on-demand when required. This will help these institutions avoid having pre-funding accounts in destination currencies. This increases costs and makes transactions much slower than what they should. Using XRP it will be possible for those firms to make faster, lower cost payments than they can through the traditional banking system.
Kaushik Punjani, the Director at Euro Exim Bank, commented about it:
“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.”
Brad Garlinghouse, the CEO of Ripple mentioned that in 2018, 100 financial institutions joined RippleNet. According to him, they are now adding between two and three new institutions a week. Furthermore, Ripple has registered a 350 percent increase in customers that wanted to send live payments.
Now, there are more than 40 countries connected across six different continents. In the future, the number of financial institutions using RippleNet could keep growing and help increase XRP adoption around the world.
At the time of writing, XRP does not seem to be affected by this announcement. It is losing 0.4% of its value in the last 24 hours. At the moment, it has a market capitalization of $14.89 billion.