Santander Teases US-Mexico Remittances – Will It Use XRP?
XRP hodlers are waiting to see a surge in the price of their favorite digital asset.
The coin’s price has been lagging this year, compared to BTC and other digital assets.
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.215479.
The whole crypto market is struggling to recover following BTC’s recent price drops.
An upcoming announcement from Santander keeps XRP fans excited
XRP investors are keeping their eyes peeled on an upcoming announcement from the Spanish banking giant Santander.
The chairman Ana Botin told Bloomberg that the company is planning to officially reveal the launch of a new remittances program next week.
“At the other end of the spectrum, many Mexicans are sending I think $35, $36 billion every year from the US to Mexico. We are launching a fast, competitive remittances program initially just from the Santander branches to any bank in Mexico,” she said.
You probably know by now that Santander is a Ripple partner for a long time and they are using the San Francisco-based company’s payment messaging system.
Ripple’s messaging payment system rivals SWIFT
This is designed to rival SWIFT, and it’s implemented in the app OnePay FX.
What the XRP army of fans is hoping is that there will be an upcoming announcement from Santander that will be revealing the fact that the company plans to begin using ODL, which is powered by XRP in order to move money across borders.
ODL stands for On-Demand Liquidity, and it was formerly known as xRapid.
Ripple‘s payment system has been created to overcome SWIFT, which is the traditional payment system that banks and financial institutions have been used for decades.
But the system became flawed, and Ripple is trying to offer clients faster, cheaper, and more secure cross-border payments.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.