The cryptocurrency community was given some incredible news today, however it did not come from an official press statement. Rather, these words came from a high tier banker within the industry.
Recently, a remittance test was conducted testing the applicability of Ripple within the banking industry. There are around 60 banks in Japan participating in this test which will determine if Ripple is a viable option for banking systems. The reason for choosing Ripple is due to the blockchain network already being well established in Japan. Several Korean banks also participated.
After the test a number of banks announced their interest in introducing Ripple blockchain technology into practice. Those interested include two or three megabanks and numerous internet banking companies, which are pushing to introduce the practice into their systems.
This is extremely exciting news for investors in Ripple coin – they are likely to see their faith in the system rewarded as the value of Ripple rises.
Banks are attracted to the fact that when money is transferred through Ripple the transfer happens in real time. This would be a revolutionary change to the banking system and would send waves throughout the financial world. It would show that cryptocurrency can improve upon the older methods of internet banking. It would also likely force banks to adapt to the new system or face being left behind. This echoes JP Morgan’s recent announcement that banks must adapt in light of the emergence of cryptocurrencies.
There has been no announcement as to whether the interested Korean and Japanese banks will use XRP. Rather, at this early stage it appears they only want to use the basic Ripple system. However, this does not mean that when Ripple banking technology is up and running the banks will not decide to upgrade to using XRP. It is early days but this news is very exciting for those invested in Ripple.
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