Ripple Partnerships Drive Up The Value Of XRP, But Is It Still A Quality Buy?
Ripple Partnerships Drive Up The Value Of XRP
XRP has surprisingly done alright during this crypto bearish markets gaining more than 20% market shares. It is because of one simple principle, price and value are two different things. While the mainstream media and kneejerk investors are focused on the price of cryptos, Ripple is busy increasing their value through numerous partnerships.
Ripple's goal is nothing less than the ultimate freeing of monetary value, allowing assets to flow instantly and seamlessly between mobile systems, public blockchains, and bank ledgers. The San Francisco-based startup has its sights set on creating an “internet of value,” a worldwide network system for financial transactions.
List Of Ripple Partnerships
Ripple has a large number of partnerships in many countries including German, US, Japan, Australia, etc. In 2013, TAS group was the first company to adopt Ripple payment protocol. In 2014, Ripple announced their first two partnerships with US banks. They are Cross River Bank and CBW bank. In November 2016, the bank had about $543 million in their asset and had more than 100 employees. In the same year, Fidor Bank AG announced their partnership with Ripple. In 2015, Western Union planned an experiment with XRP protocol. However, in 2018, WU reported that this experiment didn’t make any financial benefit. In the same year, Commonwealth Bank of Australia announced the adoption of Ripple payment protocol for one of their subsidiaries.
Moving on to 2016, it was when Ripple’s business started to boom. In 2016, they succeeded in partnering with a long list of banks over the globe: Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), ATB Financial, MUFG, BBVA, SEB,Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank, Volante. Then in 2017, they kept striking more and more partnerships with banks around the world: Star One Credit Union, Akbank, eZforex.com. The most notable bank among their 2017 partnership is American Express.