Ripple Payment Network RippleNet Reaches Milestone – One of the largest crypto and blockchain companies, Ripple, announced today, Jan. 8, that 13 new financial institutions have signed up for the company’s payment network known as RippleNet, bringing the total number of customers to over 200. Ripple released this information in a blog post.
The new institutions extend from areas including Sweden, England and Kuwait, with 40 nations altogether in clientele. Ripple also disclosed the names of the new companies which are added: Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento. They will all be using Ripple’s digital asset, XRP, for liquidity when sending customer payments cross-border. As a result, there are now more than 200 customers signed up for RippleNet.
The list includes JNFX, SendFriend. That will also be leveraging the digital asset XRP, in order to source liquidity on-request when required. This will enable these institutions to avoid having pre-funded accounts in destination currencies. The necessity of pre-funded accounts expands expenses and makes exchanges much slower than what they could be. Using XRP, those organizations will be able to make quick transfers and bring down cost installments more than they can through the traditional banking system.
Ripple CEO Brad Garlinghouse stated in the post that RippleNet is seeing a few new clients join every week as of a year ago, with a 350 increment in 2018 in clients sending live installments. Some of the new institutions to RippleNet are CIMB or Olympia Trust Company. They will use Ripple technology for immediate settlement and more transparent payments.
Addressing CNBC, Garlinghouse, speaking to the typical worry that crypto payments are a poor substitute for fiat. This is because of the currency’s volatility. He said:
“The average Swift transaction takes three days — but really what we’re seeing is three business days.”