Ripple announced today that a total of 13 more financial institutions had joined RippleNet, putting the total at over 200. Of these, five of them will use the ripple (XRP) cryptocurrency for liquidity. Institutions named in the press release are: JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank. While they will use XRP to access liquidity on demand, the 8 others will not.
Kaushik Punjani, Director of Euro Exim Bank, said of the partnership:As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. Our customers—whether big corporates or individual remitters—have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.
Significantly, most of the companies added to RippleNet will not be using XRP for liquidity. They will be using the settlement layer of RippleNet — Ripple’s enterprise blockchain — and the network of other institutions for cross-border payments. Notably, BBVA has arranged loans to Porsche and made massive instant international transfers using Ripple’s technology stack.Ripple Price Somewhat Stable
RippleNet and xRapid are Ripple’s core offerings to the financial world. RippleNet allows banks to work with other participants in the network in ways that vastly reduce costs, while xRapid enables liquidity instantly via XRP.
The ripple price remains steadily around 37 cents over the 24-hour period.The Ripple price remains steadily around 37 cents over the 24-hour period.
Still a long way from its all-time-high of more than $3 per XRP, by all means Ripple continues developing its technology and business relationships in order to...