In Spite of decreasing value of XRP currency, many banks and financial companies are joining pilot testing program of RippleNet. Today, three major financial players including Mitsubishi Corporation, MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank have announced to start testing RippleNet. The joint statement from these banks indicates that these wish to use RippleNet commercially after a few years of test and trial. All these want to reduce the global remittance costs and transaction time while increasing the speed and reliability. The first trial will be carried out on transferring funds from Mitsubishi Corporation’s account in Thailand and Singapore.
This is the first ever Japanese company that is going to test XRP Ledger Protocol. Here, it is worth mentioning that Mitsubishi Corporation, MUFG Bank, and Standard Chartered Bank are working jointly to improve the cross border payments through using the latest blockchain technology. Currently, all these banks are using SWIFT method for cross border money transfers. The payments take 2-3 days to settle with remittance costs skyrocketing. Through using RippleNet, the cross border transactions will complete in 2-3 seconds while the transaction costs are also minimized.
This use of RippleNet by many top rated banks and companies will increase the value of XRP currency in near future. Ripple is actually a payment transfer platform that uses Interledger technology for processing cross border transactions. This is because Ripple’s CEO Brad Garlinghouse believes in ‘Internet of Values’. He once said that he wants the money to be transferred in such a way as the information is transferred. It is also important to note that XRP’s value is $ 0.74 and the currency is ranked at third position. The joining of such big names will surely surge the value of the XRP currency. This is because the company says that funds transfer through RippleNet is always more efficient if the bank or the company is using XRP as a currency.
XRP is on the Verge of a Bullish Surge as Network Activity Soars
Why Could Cardano Return1668% In 8-month and Became the Third-largest Cryptocurrency?
Ripple’s Expansion Across the Globe Continues as the Firm now Partners with Paydek
Top 6 Best Dogecoin (DOGE) Wallets in 2021
Ukraine is the Most Recent Country to Set Bitcoin Tender
Recent Press Release
Planet Finance Review — Everything You Need To Know
Table of Contents What is Planet Finance?Yield Aggregator in a NutshellThe AQUA TokenPlanet Finance AppsBlue PlanetRed PlanetGreen Planet (Soon)UranusPink PlanetConvert...
$200,000 Premium Advertiser Grant Program Launching on Adshares 🚀
As part of the new Adshares business development roadmap announced earlier this year in Adshares new Business Development Roadmap, a...
Frequently Asked Questions Regarding Bitcoin ATMs!
Bitcoin has created a condition of boom and bust in the industry since its release at the very foremost place....
Overview and Synopsis of Bitcoin Wallet!
Bitcoin is a cryptocurrency that is subjected to a market cap of more than 1 trillion dollars. Bitcoin complex was...
An Unpretentious Enlightenment Of Bitcoin And The Potential Blockchain Technology!
Bitcoin was generated in the year 2008 by Satoshi Nakamoto, whose actual identity is still unknown. Bitcoin complex revolves around...