This Thursday, many best cryptocurrency news sites are reporting about a new partnership in the crypto community. Ripple’s blockchain solution was recently adopted by PNC Bank – which is the United States’ eight largest bank with $400 billion in assets.
The news that PNC Bank has become the country’s first bank to start using RippleNet’s blockchain went viral on many altcoin news sites too, signifying the importance of this solution and its ability to solve cross-border payments.
As Fintech Futures reported on August 29, the PNC Treasury Management is now offering RippleNet-based cross border payments solutions to its clients. The banking giant claims that the blockchain solution will in turn result in the following:
“The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
According to Ripple’s post, PNC Bank first revealed its plans to use RippleNet – and specifically the Ripple xCurrent product – back in September 2018. At the time, the announcement caused the value of Ripple’s XRP to scar.
As we can see from the latest cryptocurrency news, though, XRP is not seeing a price boost. It is keeping up with the wider crypto market and is firmly in the red – trading down by around 6% on the day. Still, Ripple’s head of Global Institutional Markets, Breanne M. Madigan, has indicated that the price is not the only parameter that company insiders are eyeing.
The coming altcoin news also present fresh data on XRP published by Madigan, revealing that even though XRP’s trading volume was down by 65%, the XRP/MXN volumes on the Mexican crypto exchange Bitcoin surged by more than 25% in the same period when MoneyGram payments into Mexico using XRP went live.
New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume. pic.twitter.com/IFR84PBlwR
— Breanne M. Madigan (@BreMadigan) August 23, 2019
Aside from the PNC Bank announcing the partnership with RippleNet, we can see that XRP is in a good vibe recently. The CEO of the company, Brad Garlinghouse, claimed that a year from now, the MoneyGram deal “will have a more consequential impact on the crypto markets than the Libra white paper.”
Speaking of, the head of Ripple Garlinghouse has been prompted to discuss the controversies and new projects surrounding Ripple recently. We expect to hear from him soon.
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