Ripple is Rubbing Shoulders with the World Bank, White House, IMF and the Federal Reserve
Although the recent cool off that has taken place in the market, the Ripple XRP, has been considered to be one of the best digital assets in term of its performance in the past few months.
Al this is thanks to the Ripple Inc., one that has been able to roll out several products that have been specially designed to ease and also hasten the way in which the cross border transactions tend to be carried out, all this been done with the primary aim of eliminating the SWIFT.
The Ripple proves to be having some strong Backings
It has become virtually impossible for us to ignore the progress that is being made by the Ripple in just the past few months.
In a tweet that was posted by the XRP Harvester, said that it has become very hard for investors to turn their head when you clearly know the IMF, the White House, Central Banks, and the Federal Reserve have started being involved with the Ripple. Thus, it is evident that the XRP will be able to solve the current liquidity crisis in the country and the globe at large.
With the Ripple getting involved with various entities like the IMF, World Bank, Central Banks, the Federal Reserve is a clear testament of growth within the market.
Chris Larsen, who is the co-founder of the Ripple has been chosen to be one of the people who will be discussing the IMF. This is on the different ways that the blockchain together with the other emerging technologies within the market can be used in the streamlining of some activities that are carried out within the financial landscape.
Lagarde had gone ahead to warn the banks that they would need to ensure they have set up and also been able to adequately adapt the new technologies that are required in order to help them serve their current customers much better. At the moment the Ripple is one of those technologies that the banks would need to look into.
She firmly believes that blockchain companies together with the Ripple will greatly help banks in the reduction of costs and in turn hasten the transactions that are carried out globally.
The World Bank report has gone ahead to mention the Ripple xRapid
The World Bank, which is an international monetary body has recently published an article where it went ahead to praise the blockchain technology together with the efforts that have been made by the Ripple and the other participants in the market.
It is clear that the World Bank has become very optimistic on the impact of the xRapid has in the improvement of the global remittance ecosystem, this is due to the fast transactions that are carried out and the reduced costs in all of this.
In the report, it goes on to state that the Ripple could actually be a cross border solution for the market due to the time that is saved in the transactions that are carried out.
“In 2018, Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along with the very competitive U.S.-Mexico corridor. Financial institutions involved in the program were able to save 40-70 percent in foreign exchange costs, and the average payment times was roughly two minutes. The transfer of funds on the xRapid platform occurred within two to three seconds, with most of the processing time explained by local payment rails and intermediary cryptocurrency exchanges.”
The World Bank is very impressed with the blockchain solutions that are hitting the market especially those that are being offered by the Ripple, and they are very optimistic of the benefits it is able to provide for the financial world.
The White House and the Feds are also on the Ripple
The Federal Reserve in the United States might go ahead and adopt the three Ripple Inc. solution that is being offered. It has been found that the apex bank could actually be aiming at utilizing the technologies that will be able to support the interbank settlement to ensure they enjoy much faster payments, and it has come to light that the Ripple could just be one of them.
It was further reported that for the US to be able to maintain their competitive advantage then it is very important for the new systems to be adequately researched and immediately adopted.