Ripple And Euro Exim Bank Partnership Opens Opportunities For XRP And xRapid
Ripple, well-known for its settlement ecosystem that favors financial institutions is pushing harder for the adoption of its digital coin’XRP’. The crypto giant has pitched a good number of its products to banks around the world. So far, xRapid and xCurrent appear to be gaining attention in the markets with adoption rates gradually increasing.
One of Ripple’s major partners is the Euro Exim Bank which collaborated with the settlement provider at the beginning of 2019. The bank leverages Ripple’s xCurrent and xRapid technologies for liquidity solutions within its ecosystem. Graham Bright, Euro Exim’s Head of Operations and Compliance, was interviewed by Bloxliv.tv where he noted that Ripple perfectly complements SWIFT.
However, Bright also stated that the innovations by Ripple would not replace SWIFT in the near future. The two ecosystems are mutually beneficial since xRapid will facilitate real-time settlements based on client preferences. Furthermore, the XRP coin might soon be transacted through SWIFT as a currency in conditions where Euro Exim bank use FX.
Euro Exim bank through Bright stated intentions to join the crypto services space with an exchange to be launched soon. Bright added that the digital asset exchange will list a number of coins including Ripple’s, XRP. The bank will however stick to its main business that has been to trade financial instruments.
Ripple is also trying to scale its ecosystems to accommodate other digital currencies. On the other hand, Euro Exim has gone a step further into research on embedding financial instrument structures as a message in Ripple.
The uptrend in crypto markets has seen XRP rise together with other cryptocurrencies. Its current price is $0.4436 having gone up by 4.02% in the past day according to coinmarketcap.