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Why banks are finally ready for the move to Ripple (XRP)

San Francisco-based Ripple CEO said banks and financial institutions are ready to move to the Digital Asset XRP. The more of these make the transition, the higher will be the demand for the XRP Coin.

A few days ago, Fortune released a new interview with Brad Garlinghouse. In it he said that more than 200 banks and financial institutions have joined Ripples network. More and more of these 200 partners are now preparing to use xRapid. xRapid uses the XRP coin for cross-border payments. This, of course, should lead to higher demand and a higher price of XRP.

“This year, the wheat is separated from the chaff. A few months ago, the media said nobody would use Ripple XRP. This, of course, made for good skeptical headlines. You can not say that today because people are starting to use xRapid because it’s better, faster and cheaper. ”

Important new partnership

Euro Exim Bank has recently announced that it will be the first bank to commercially implement xRapid for its customers’ cash flows.

With offices in London and St. Lucia, Exim plans to begin the xRapid rollout in the first quarter of this year. In the long term, the company plans to use xRapid for its customers’ cash flows in 80 countries around the world.

Euro Exim is one of five new companies that will use XRP to make payments to their customers.

The four remaining companies are:

    JNFX, a London-based foreign exchange company
    SendFriend, a New York fintech for the global remittance market
    Transpaygo, a Viennese fintech for mobile payment
    Financial Transaction Control Systems (FTCS), a Stockholm-based financial infrastructure company

Ripple holds around 60% of his coins

Ripple owns about 60% of the total XRP coins. However, Ripple has blocked most of these coins on a trust account. From the remainder, Ripple regularly sells parts of its XRP holdings to financial institutions and crypto exchanges to pay for the proceeds.

Remarkably, Ripple XRP secured second place in Ethereum’s largest cryptocurrency. A few weeks ago there was this so-called “Flippening”. Despite the strong turbulence in the overall market, the XRP share price remained relatively robust and lost relatively little value.

Ripple’s investors include famous Silicon Valley names such as Andreessen Horowitz, Google Ventures and the investment arm of well-known international consulting firm Accenture. Ripple is currently the crypto currency with most industry partners. The company counts over 200 banks and fintech companies among its partners. Hardly any other Blockchain project can refer to such a number.

Published inCryptocurrencies

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