Latin America’s biggest bank by market value, Itau Unibanco and India’s IndusInd Bank are among the recent banks that have partnered with Ripple to use its RippleNet blockchain technology to enable smoother cross-border payments.
The RippleNet settlement technology now has over 100 clients from all over the world with the major ones being from the emerging Asian markets. Saket Khanna, Strategic Alliance partner at Axis Bank says,
“Banks have lagged behind in technology, Ripple’s technology enables low-value transactions to take place with lower transaction costs”
Ripple’s XRP and RippleNet are different and partnerships done with RippleNet do not use XRP, Ripple’s digital token. Ripple hope to have XRP as the bridge currency for banks so that they do not suffer extra expenses related to currency exchange rates.
Mario Tiscareno, a Twitter user replied to a post saying,
“Once more, nothing to do with XRP, the currency that puts the ‘centralized’ in decentralized”
The cryptocurrency markets have had mixed sentiments about XRP since the beginning of its inception. Unlike other virtual tokens that are decentralized in nature, XRP is centralized and controlled by Ripple. Early January when Ripple’s prices touched a historic high of $3, Chris Larsen’s net worth also propelled and for a short duration made him richer than Facebook’s Mark Zuckerberg.
Tony Fam, a blockchain enthusiast says,
“it seems like the more better news Ripple gets, the more it falls. Also I wonder why there is no adoption for their xRapid tech.”
Overall cryptocurrency markets have been stabilizing and Bitcoin prices control the prices of the overall market primarily because other tokens are bought using Bitcoin. Major exchanges have started accepting fiat for other tokens which would change the trend in the coming few months. Ripple’s multiple partnerships are also expected to boost XRP prices just when markets change to green.
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