Breaking: How Ripple (XRP) Plans To Partner With Over Half of World’s Financial Institutions
Ripple (XRP) – CEO Brad Garlinghouse has presented in Japan that his company plans to collaborate with more than half of the world’s banks. This is coming after the US Congress passed a vote of confidence and hauled song of praise on the blockchain.
Ripple CEO, Brad Garlinghouse.
Image Source: Yahoo Finance.
Mr. Garlinghouse made the important revelation during an interview section with Kyodo News, Japan’s leading news agency. He said his firm will “promote the introduction and set the goal of over half of the world’s banks to adopt the company’s remittance service over the next five years.”
The milestone according to him, would be achieved using Ripple tools that have turned international remittances, which takes several days to complete using existing systems, to only a few seconds when Ripple service is employed.
According to Brad, the service since it was introduced is growing beyond imagination for the past one or two years, and revealed that it has collaborated with over 100 companies.
If you remember that earlier, Ripple has partnered with Western Union and Money Gram on sustainable cross-border payment. American Express, a US-based credit card company has also pledged allegiance to Ripple.
Not all that alone, Ripple is gaining ground in all the nooks and crannies of the world. In 2017, Swedish bank SEB aired that it processed over US$180 million (S$240 million) in payments for a large corporate client between Sweden and the United States using its technology.
In the same line, India’s Axis Bank and Standard Chartered released in November 2017 the partnership launch of an advanced real-time cross-border service using Ripple tools to wire Singapore Dollar corporate payments from clients in Singapore to accounts in Axis Bank. The idea makes it easy for banks to track any delay in payment, Singapore’s Strait Times revealed.
Earlier in January 2016, a financial firm, SBI Remit, a member of the SoftBank group based in Japan, collaborated with Ripple to flag SBI Ripple Asia, an outstandingly energized remittance payments, kick-started Thailand’s Siam Bank in a bid to serve around 40,000 Thais residing in Japanese territory.
Brad, while revealing how Ripple plans to engage more financial service provider said they “will meet with financial institutions and regulatory officials from various countries” to make them have deep insight on virtual coins and blockchain technology and at the same time address the superiority of Ripple to all and sundry.
Ahead of Brad’s comments, the G20 has earlier said regulating cryptocurrency or placing embargo on the idea is completely irrelevant. The need to regulate blockchain was engineered by some crypto-lovers and those who need security proof before joining in the new digital deal.
Similarly, the Financial Stability Board (FSB), a respected international body dedicated to monitoring global financial protocol in an effort to bring about stability and regulations wrote to G20 finance ministers and central bank governors a night to the G20 summit that Cryptocurrency is a lifetime tech idea devoid of financial threat.
The FSB chairman Mark Carney in the letter said: “the FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
“This is in part because they are small relative to the financial system. Even at their recent peak, their combined global market value was less than 1% of global GDP,” he added.
“In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP.”
Earlier, Brad had also preached in support of regulation saying it will separate the wheat from the chaff. Speaking on CNBC’s Fast Money segment, the alt-coin entrepreneur told listeners: “It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system.” This is contrary to what many enthusiasts believe is the whole point of cryptocurrencies in the first place; that Bitcoin et al should be a completely unregulated and decentralized form of currency which allows total financial freedom in the hands of its users.
Meanwhile, there is hope for HODlers of Ripple, the cryptocoin is doing everything to raise more allies, to make the Ripple (XRP) and its softwares irresistible in the society as time goes on.
Image Source: BTC Manager.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Yusuff Olayode Supoto Author
Yusuff Olayode Supoto is a technology enthusiast, book editor, and business developer. He has contributed to Huffington Post, Thrive Global, TheTick Times, The Independent Republic, Crypto Gazette, among other reliable platforms. Yusuff just fell in love with blockchain, and he’s doing awesome in the space. He roars on many occasions, especially when things go wrong in his country, when Manchester United loses, and when CR7 scores.