Ripple Adds Over 50 Financial Institutions To Its Settlement Platform Since November

Ripple aims to dethrone globally-pronounced payment solutions like SWIFT with its own take on global payments and remittances.

Ripple’s executive, Navin Gupta, managing director for South Asia and MENA regions, spoke in an hour-long YouTube video explaining the blockchain’s use cases and its progress so far in 2020.

In data provided by the startup executive, Ripple currently has over 350 partners in its ranks, including RakBank in the UAE and Transfer Go in the U.K.

Over the past seven months, Ripple has welcomed over 50 financial institutions using its settlement platform. Navin said:

“Ripple is one of the largest blockchain companies in the world which is in production. We have around 350 financial institutions that use our technology every day.”

Blockchain technology has been revered as the solution to accounting and trust issues on legacy financial systems such as “reconciling accounts without the need for a third party.”

A Solution to Legacy Financial Systems

According to Navin, Ripple aims at reducing the latency and speed problems that financial systems face allowing users to send money as quickly as they send emails. Ripple also minimizes the cost of each transaction to a few cents, curbing the exorbitant fees charged by international money transfer systems, which is also a big issue in hindering international remittances.

“With money, there’s a lot of friction. There is about $1.6 trillion that gets spent in fees when money is moving across international borders [annually] – the total value sent internationally is about $27 trillion”

Navin explained the problems money transfer systems face at the moment.

“We want money to move the way information moves.”

Ripple’s tech systems, as explained before, are aimed at reducing the overall transfer times from days in the legacy system to only a matter of seconds. All this, while ensuring al verification details are correct, and AML compliance regulations are met, Navin said.

Ripple’s low cost of transactions, high levels of transparency, and high liquidity to users also offer the blockchain a competitive advantage.

Ripple’s Micropayments Solution

Across the globe, there are tens, if not hundreds of payment platforms that Ripple competes with. Top of the list is global payment services like SWIFT, UBS, and PayPal. All of which the fourth-largest blockchain aims to dethrone. One of the critical features that Avin believes sets Ripple apart from its competition is micropayments.

“We believe micropayments of five cents, ten cents, and even a cent is something that will see a huge use case in the coming two or three years.”

On the future of the crypto industry in general, Navin believes the current highly “speculative crypto market” will shift its tide to a more utility-based use case. Most of the current digital currencies will die out if they do not build real-world use cases.

Ripple (XRP) Live Price

1 XRP/USD =$0.2947 change ~ -0.39%

Coin Market Cap

$12.76 Billion

24 Hour Volume

$345.43 Million

24 Hour VWAP

$0

24 Hour Change

$-0.0012

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today