Ripple CEO Says ‘Banks Will Use XRP’ After Acquiring 200 Clients
13 financial institutions have started to utilize the Ripple blockchain through RippleNet making the total number of banks in the Ripple ecosystem 200.
Fintech applications and banks like SendFriend, Euro Exim Bank and JNFX have integrated RippleNet for liquidity and instant settlement of payments. This has brought faster, more transparent, and low-cost alternatives to traditional settlement systems such as SWIFT.
Brad Garlinghouse, the CEO of Ripple, in an official announcement said that 100 financial institutions joined RippleNet last year and that the blockchain network is seeing a 350 percent increase in live payments.
Garlinghouse also disclosed that RippleNet is signing two to three clients on a weekly basis, mostly composed of financial institutions that are in need of settling cross-border payments efficiently.
JNFX head of emerging markets Ashay Mervyn said that RippleNet is highly cost-effective when processing payments for international clients.
Payments between countries are beset with inefficiencies—inefficiencies around cost, inefficiencies around speed and inefficiencies around transparency. RippleNet is specifically geared to address these problems. For our customers who range from the largest conglomerates in Africa (with operations and commitments in over 40 countries) to individuals in villages in rural Nigeria, our decision to join RippleNet and utilize their payment solution—including XRP for on-demand liquidity—just makes sense.