As of today, a total of 13 financial institutions will join the RippleNet reaching up to 200 total of banks that joined the network where some will be using XRP as a tool for liquidity and according to the latest altcoin news, the institutions using Ripple are JNFX, Transpaygo, FTCS, and Euro Exim Bank.
The director of Exim Bank said about the partnership:
‘’As a leader in trade finance solutions for global corporates and fintechs, we are uniquely placed to offer new payment channels and ways to source liquidity. Our customers—whether big corporates or individual remitters—have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.’’
The majority of the companies that are joining the RippleNet will not use XRP for liquidity. Some of them will use only the settlement layer of the network and Ripple’s enterprise blockchain.
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RippleNet is Ripple’s number one offering to the financial world. The platform makes possible for banks to cooperate with other participants in the network with low costs and great liquidity that XRP provides.
As long as the XRP price is concerned, it remains still at 37 percent over a 24-hour period. Despite being a long way from its all-time high, Ripple continues to develop partnerships and business relationships which work great for the cryptocurrency since its value is rising.
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