Several dozen banks are exploring blockchain technology. Thankfully, most of them want to use a unified solution. Otherwise, communication between institutions would become a lot more difficult than need be. Ripple has benefited a lot from this growing interest in blockchain As of today, the group’s enterprise blockchain network has over 100 users. Some of the recent additions include TransferGo and Credit Agricole.
The recent growth for Ripple has been pretty spectacular. A lot of people are familiar with RippleNet, a project designed to let banks break fee from cumbersome infrastructure. With a growing focus on real-time global payments, new solutions need to be found. At the same time, banks aim to reduce costs and guarantee faster settlement. This is not easy to achieve, mind you, but things are looking pretty good right now.
Another Major Milestone for Ripple
Over the past five years, we have seen Ripple evolve from a niche product to a household name. Several dozen institutions have joined this initiative during this period of time. Moreover, commercial deployments of RippleNet are slowly coming to market as we speak. Things are looking incredibly good for the company, that much is certain. Especially with the new members, things continue to improve in an accelerated fashion. Among the new members are Rakbank, TransferGo, and Credit Agricole.
Ripple CEO Brad Garlinghouse comments as follows:
“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience. Now more than 100 financial institutions are looking to Ripple as the solution to the problem. Updating their payments infrastructure with Ripple has become the equivalent of a retailer choosing to build an e-commerce business in the year 2000 — it’s a no brainer.”
All of this goes to show there are some serious contenders in the world of blockchain technology. Most projects struggle to gain much traction, though. For Ripple, things are going smoothly, although the company is working very hard to appeal to new members. Sooner or later, we will see instant global payments at next to no costs. Whether or not these transactions will be powered by XRP, remains to be seen, though.
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