Ripple Hits Customer Milestone, Eyes X-Border Payments Disruption

[PRIBO247]

Ripple, the blockchain company that has the XRP digital
currency, reached a milestone on Tuesday (Jan. by reaching
200 customers.

According to a blog post, Ripple said that in addition to the 200
customers, it has seen a 350 percent increase in customers who
are sending live payments over its blockchain platform. The
company announced that 13 new financial institutions,
including Euro Exim Bank, SendFriend, JNFX, FTCS, Al Ahli
Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT,
WorldCom Finance, Olympia Trust Company, Pontual/USEND
and Rendimento have joined its payment network.

The company noted that JNFX, SendFriend, Transpaygo, FTCS
and Euro Exim Bank will leverage XRP, its digital token, to
source liquidity on demand when sending payments on behalf of
their customers. Ripple said that using XRP for liquidity when
sending a cross-border payment helps financial firms avoid the
need to pre-fund accounts in the destination currencies and
enables them to make faster and cheaper payments.

“In 2018, nearly 100 financial institutions joined RippleNet , and
we’re now signing two — sometimes three — new customers
per week. We also saw a 350 percent increase last year in
customers sending live payments, and we’re beginning to see
more customers flip the switch and leverage XRP for on-
demand liquidity,” said Brad Garlinghouse, CEO of Ripple, in the
blog post. “At the end of the day, our goal is to make sure our
customers can provide excellent, efficient cross-border
payments experiences for their customers, wherever they are in
the world.”

In an interview with CNBC, Garlinghouse said Ripple is now in
more than 40 countries and has plans to expand further. As it
stands, it has a lot of work to do if it wants to make a real
impact on the global payments market, which is still under the
control of the world’s largest banks.
While Ripple is seen as a crypto play, that is not its most
popular product. CNBC reported that xCurrent, the software that
lets Ripple work with the existing infrastructure of banks to
settle payments in a speedy manner, is its most widely used
service. Its crypto product xRapid, which went live in the fall,
uses cryptocurrency as a bridge between foreign currencies, the
CEO told CNBC.

https://www.pymnts.com/cryptocurrency/2019/