Ripple is constantly expanding its network as XRP liquidation increases, SBI declares Ripple being “extremely superior in terms of cost-effective speed and economy”, Kotak Mahindra Bank CDO talks on joining RippleNet while TrasnferGo and PropyInc utilize Ripple as well.
XRP exchange liquidation increasing rapidly
Crypto market is strongly driven by price when the focus should be on development, technology, and adoption. Price will automatically follow, if not in the short term then in the long term for sure.
Today, in a very short span, the entire crypto market plunged. If we take a look at the XRP price, it is down by 8.57% at $0.308. Apparently, sellers are flushing the buyers out of the market. Bitcoin’s free fall has taken Ethereum (ETH), XRP and other cryptos with it to the ground.
According to XRP enthusiast Leonidas, another exchange has come into XRP’s bag:
Geniuex @Geniuex_ an Estonian virtual wallet and exchange platform has started trading. $XRP is paired against EUR, USD and BTC. #XRPthestandard#XRPcommunity@XRPTrump @BankXRP@Hodor7777 @XrpCenter @AlexCobb_ pic.twitter.com/Lqa7uJPkCo
— Leonidas (@LeoHadjiloizou) September 4, 2018
In the crypto market, it is essential for a cryptocurrency to keep on adding exchanges to its name. When it comes to XRP, the 3rd largest cryptocurrency has made quite a progress as revealed by XRP enthusiasm Hodor who shares,
“Less than one year ago, I inventoried all of the known worldwide exchanges that carried XRP, and arrived at approximately 29 exchanges. And recently, I again took inventory of the number of XRP exchanges and entry points, and the number was 105 and growing quickly. This represents more than a 300% increase in the number of liquidity endpoints in less than a year, with some of the new entrants representing milestones in Ripple’s overall xRapid roll-out strategy.”
Ripple extremely superior in cost-effective speed and economy: SBI
Japan-based SBI, a financial services company is one of Ripple’s partners that today shared a Ripple on its website. Talking about the increase in their remittances business, it further shared its working experience with Ripple:
“Remittance using Ripple’s distributed ledger technology, which began with The Siam Commercial Bank Public Company Limited, a major commercial bank in Thailand in June 2017, is extremely superior in terms of cost-effective speed and economy. The use of customers has increased remarkably. In the future, we plan to further expand the remittance channel using Ripple’s platform.”
Indian Kotak mahindra bank joins RippleNet
XRP enthusiast Steven Diep shares an interesting find on the Twitter. In the short video dated June, Chief Digital Officer of Indian Kotak Mahindra Bank, Deepak Sharma talks about accelerating cross-border remittances by joining RippleNet:
“At Kotak, we harness new technology to simplify and enhance banking experience for our customers. In line with this commitment, we have on-boarded RippleNet to provide impetus to its cross-border remittances. Ripple’s leading enterprise blockchain network RippleNet will enable us to offer our customer real-time cross-border transactions in a safe and secure manner using blockchain. This partnership will also expand our payment network by allowing us to connect RippleNet members.”
Kotak Mahindra Bank – the 2nd largest private bank in India – to accelerate cross-border remittances with Ripplenet.#Ripple #xRapid #XRP #XRPcommunity #xrpthestandard #Crossborderremittances #kotakbank pic.twitter.com/b4sNX06I8f
— Steven Diep (@DiepSanh) September 4, 2018
Ripple technology for cross-border payments on rising
Developments never cease to happen with Ripple. TransferGo, a digital remittance solution for migrant workers is working with Ripple technology for instant money transfers from Europe to India. According to Daumantas Dvilinskas, the founder and CEO of TransferGo:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers by using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
When it comes to cross-border market of Europe to India, it is a multi-billion dollar corridor where Ripple can help in reducing the time and cost significantly. Moreover, TransferGo is also planning to launch free money transfers with a delivery of 2-3 business days, zero fees and a mid-market rate by using Ripple blockchain.
Marcus Treacher, SVP of Customer Success at Ripple has stated:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning into new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
PropyInc, a real estate company using blockchain is now going for XRP payments as revealed here in the below Tweet by the founder and CEO of Propy, Natalia Karayaneva:
@PropyInc using XRP for cross border payments?
— DC (@_dccc07) September 5, 2018
Ripple is constantly growing its network by making a lot of development and partnerships right, left, and center.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com