Currently, Ripple’s native token XRP is the second largest cryptocurrency in the space right now just as it was during the last few weeks of 2018 before getting overtaken by Ethereum once more at the start of this year.
The persistent behaviour of XRP and Ripple to partner up with financial institutions seems to be changing the game for the San Francisco based blockchain start-up. The past few months alone have seen the firm secure many important partnerships.
One of the new partners for Ripple is Euro Exim bank which will be the first registered bank across the globe to use xRapid for cross-border payments. Speaking in a recent interview, the CEO of Ripple Brad Garlinghouse said:
“This is consistent with Ripple’s vision of XRP as a fast and inexpensive source of liquidity for cross-border transactions. Instead of banks having to maintain foreign bank accounts, the idea is for them to buy XRP with dollars or euros and rely on local market makers to exchange XRP into local currencies.”
As reported by Coindoo, some of the newer partners for Ripple have said that they won’t be holding any of the companies native cryptocurrency but instead they will be utilising the token to facilitate global payments.
The other four firms which are set to get a deal down with Ripple are FTCS, JNFX, TransPayGo and SendFriend. These firms have confirmed that they will be using XRP boost liquidity when sending international payments. As the Ripple CEO explained, “2019 is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines, Today, you can’t say that as people are starting to use XRapid because it’s better, faster, and cheaper.”
All this news surfacing about Ripple comes just days after Ripple Labs revealed that over 200 financial organisations have come to the network. With this in mind, the company now operates in more than 40 countries across all continents on the planet.
At the current time of writing, XRP is in the red (as is the rest of the market) with a 3.08 percent decrease over the past 24 hours leaving it a price of 32 cents and a market cap of 13,236,178,098.
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