If you have read about Ripple on our blog before, you probably know that it is a cryptocurrency with massive potential when it comes to being embraced and adopted by the banking systems and technologies.
Well, that is kind of happening right now, and the possibilities are endless. Basically, the cross-border transactions that are made easier thanks to Ripple are now being tested by five big banks and certain institutions.
Even though Bitcoin is stealing the show this year regarding its value, Ripple also has a lot to do with the increased popularity of cryptocurrencies in general. As Ripple proved, cryptocurrencies are not only Bitcoin – best proving that with the 55% surge on its price this Tuesday alone. Since the beginning of 2017, Ripple has grown over 6,000% and is now the fifth largest cryptocurrency with a market cap at $15.3 billion.
As we said above, Ripple’s blockchain is the one that is creating a lot of buzz lately – and the technology that is being tested by many banks out there. The blockchain technology that bases on decentralized transactions is being perfected by Ripple as we speak. Luckily, the following banks are monitoring the situations and decided to test out the distributed ledger technology and its achievement so far:
- Canadian Imperial Bank of Commerce (NYSE:CM)
- UBS (NYSE:UBS)
- Banco Santander (NYSE:SAN)
- Unicredit (NASDAQOTH:UNCFF) and as of lately,
- American Express (NYSE:AXP)
This is certainly news that predicts bright future for Ripple. There is a lot going on regarding the non-card payments and how they would be sent through the blockchain ledgers – something that is made real thanks to Ripple and its amazing technology.
It is always possible that Ripple (XRP) would become a role in dealing with transactions as one of the best ways to exchange fiat currencies or speed up payment-processing times.
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