Ripple Surpasses Blockchain Bank Benchmark with 100+ Production Contracts

Ripple is working very hard in order to expand its services and products in a very competitive market. The company has signed around 100 different production contracts with several other firms. The information has been revealed by Chris Larsen, Ripple’s co-founder and executive chairman during the Crypto Finance Conference in California.

Ripple Moves Forward

At the moment, Ripple offers different services and products to the market. In general, they work with financial companies that want to reduce their costs and improve efficiency. It is important to mention that the XRP currency is also used by Ripple in one of the latest products it launched to the market: xRapid.

The xRapid solution aims to improve cross-border payments between institutions such as banks. As per Asheesh Birla, Senior Vice President and Product Manager at Ripple, xRapid improved transaction times and reduced costs related with the transactions. The results for this first pilot project was very promising.

Brad Garlinghouse, Ripple’s EO explained:

“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So we’re seeing that momentum build.”

The company has also tried to reduce the number of XRP coins that they own. Indeed, they own over 60% of the total XRP supply. Furthermore, 91% of the investment is locked in escrow.

In the last months, the U.S. Securities and Exchange Commission (SEC) has been analysing XRP to know if it should consider it as a security or not. Bitcoin (BTC) and Ethereum (ETH), for example, are not considered securities by the regulatory agency.

Several other tokens from Initial Coin Offerings (ICOs) are considered securities.