When Ripple started, the project has continued to put together a string of serious partnerships with financial institutions over the past few years. When they started, Ripple was overlooked because of its relation with the traditional financial system which drove a lot of enthusiasts away from it because of the centralisation factor.
This year though, Ripple is one of those cryptocurrencies that you can’t really ignore. Now that it is making more and more partnerships such as the World Bank and EU Commission, Ripple is one of the biggest names in the industry.
Starting so many partnerships with some of the world’s biggest financial names is a big sign of significant growth which can’t be ignored. The work that Ripple is undergoing at the moment will be very important in setting the groundwork which will allow the other cryptocurrency projects to boom over the next few years. So whether you love or hate Ripple, it is important to keep up to date with their latest collaborations, as they are knocking down walls between both blockchain technology and the traditional financial world.
So with this, let’s take a look at what some of these high-profile institutions that have partnered up with Ripple and what they are about.
Earlier this year, the EU Commission announced the launch of the Internation Association of Trusted Blockchain Applications (INATBA).
INATBA was founded with the main aim to encourage with regulators, create a global model of governance for blockchain and develop interoperability standards for the whole industry.
The organisation brings together startups, policymakers, SMEs, global entities, regulators and more to boost the support for blockchain technologies at it tries to break into the mainstream.
Ripple has recently announced that they are actually one of the founding members of INATBA too.
In March, Ripple’s remittance product, xRapid was included on the World Bank’s official webpage.
They have stated that remittances are a lot more expensive in the areas that they are needed the most. So with this, it is no surprise that they view DLT as having the potential to push forward changes to a whole industry when the world remittance costs are 7 percent as of the fourth quarter of 2018.
Ripple is growing at an incredible pace and these are just two of the hundreds of partnerships that Ripple have garnered over the years. Who knows what 2019 will hold but we can only assume its destined for bigger things.