Ripple’s XRP is currently the third biggest cryptocurrency in terms of market capitalization with about $41 billion at the time writing. You may already know that XRP has much potential due to its fast transaction speeds and low fees. However, Ripple the company behind XRP is much more than “just another coin”. A major part of its product offering is the RippleNet network, a settlement system utilizing blockchain technology to send real-time international payments. Through both RippleNet and XRP, Ripple has been able to secure a number of partnerships with major actors in the global financial services space. Here are some notable deals that occurred in recent times.
In November of last year, American Express announced it was partnering with Santander to provide real-time payment processing, instantly connecting U.S. customers to the UK, via the RippleNet network. CNBC reported that: “Payments made by American Express' business customers on its FXIP platform will now be routed through Ripple's enterprise blockchain network” ; “Ripple said that its cryptocurrency, XRP, will ‘come into play’ as a means of speeding up payments later on down the line”.
On January 11, global money transfer company MoneyGram confirmed a partnership with Ripple to pilot XRP in their payment flows. The official press release revealed the following details: “As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem through xVia. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity.”
On February 7, LianLian International, an international money service company licensed in Hong Kong published a press release stating: “(we) will use Ripple’s leading enterprise blockchain solution, xCurrent, to process real-time cross-border payments on behalf of merchants and consumers, including invoice payments and e-commerce payments, into China.’’ The company added: “LianLian International will provide a connection into China for other RippleNet members, supporting transaction flows between merchants and consumers in China and other markets — driving payment volumes higher.”
On February 10, UAE Exchange, the largest payment solutions provider in the Middle East, announced it was joining the RippleNet network. Promoth Manghat, Chief Executive Officer of UAE Exchange Group, stated the following: “Our growth strategy has always been, and continues to be, driven by our customer-centric approach. Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.”
The Ripple team has proven it is very focused on establishing key alliances throughout the globe, helping the cause of both XRP and RippleNet.
The information provided in this article does not constitute investment advice, financial advice, trading advice or any other sort of advice.
Written By: Phil Siarri
Phil Siarri is an innovation management professional and fintech observer. He has been selected as one of Canada’s top 40 social influencers in finance, innovation and risk by Thomson Reuters, as well as top 50 fintech influencers in Montreal by FinFusion.