Chris Larsen, the executive chairman and co-founder of Ripple, has recently revealed that the company now has over one hundred production contracts signed, sealed and ready to implement.
The news was revealed at the Crypto Finance Conference, which took place recently in Half Moon Bay, California. Larson spoke in front of a backdrop which depicted several of the 100+ companies which have signed contracts with Ripple.
The news is set to boost Ripple’s fortunes, as it means businesses aren’t simply testing the water with the applications of Ripple technology, but instead are firmly committed to integrating one or more of Ripple’s products on a commercial basis in the future.
Ripple has developed various software solutions which are designed to help financial institutions improve the way transactions take place. Speed and tracking are improved, while the cost of transactions can be significantly lowered. The currency XRP is currently used in xRapid, which is a crypto-centric solution developed by Ripple to improve cross-border payments. This solution is of particular interest in developing nations, in particular India, Brazil and China.
Brad Garlinghouse, the CEO for Ripple, has previously said that the company is signing up an average of one bank per week for a major production contract. “It’s been an incredible year for us,” explained Brad regarding the momentum Ripple is gathering. The company recently signed up with the National Bank of Kuwait – the largest in its country.
Ripple currently holds 60 per cent of the total XRP supply, and 91 per cent of that investment is locked in escrow.
The growth appears to be exponential, as the more participants that get on board, the more value there is in joining the company. This could potentially mean that Ripple could snowball between now and 2019, with some experts predicting another bull run on XRP.