Ripple appears to have its eyes set on the banking word and by April 2017, the blockchain had more than 75 high profile Banks on its network. This number keeps rising thanks to RippleNet which has added a touch on the outfits’ global visibility due to its fast global payment settlement feature.
Ripple has over the years accumulated a lot of criticism with many thinking the platform cannot shake the banking industry. However, things are looking bright for the outfit as the New Year commences. The platforms have undergone through a lot of ups and down and it is about time to reap the benefits if the project teams’ hard work
Better Ripples’ Prospects in the Banking Sector
With 13 financial institutions joining the Ripple network in by January 9th this year, the project is sending a clear message not only to the banks but also Ripple critics. The growth of the number of banks on the RippleNet just hit 200 and still counting.
Some of the notable institutions on the RippleNet include SendFriend, JNFX and Euro Exim bank. The integration into the ecosystem is a clear indication that RippleNet is adding value to their businesses. This is also a major boost to their liquidity. The platforms transparency, speed, and new zero transactions costs are what the increased clientele is looking out for; a major blow to old outfits like SWIFT.
Brad Garlinghouse Jabs at Ripples’ XRP Critics
In his latest announcement, the CEO at Ripple Brand Garlinghoue said that the number of financial institutions on the RippleNet by close of 2018 stood at 100 and this has pushed the platform to a 350% growth in live and active transactions. While at it, the CEO added that the platform through RippleNet is getting 2-3 new signups per week.
There a lot of financial institutions and fintech outfits itching to be integrated into the ecosystem to speed up their cross border payments seamlessly. These sentiments were supported by Ashay Mervyn adding that:
“Payments between countries are beset with inefficiencies—inefficiencies around cost, inefficiencies around speed and inefficiencies around transparency. RippleNet is specifically geared to address these problems. For our customers who range from the largest conglomerates in Africa (with operations and commitments in over 40 countries) to individuals in villages in rural Nigeria, our decision to join RippleNet and utilize their payment solution—including XRP for on-demand liquidity—just makes sense”.
On the platforms’ criticism, Garlinghouse has said that RippleNet demand is unstoppable since the global user is looking for the best solution for cross border payments and he added:
“Last year some notable critics said financial institutions would never use a digital asset in their payment flows. As I said then, if it offers their customers a better experience at a lower cost, they will – and they are.”
Ripple End Game Cut out Already
The goal of Ripples growing signups is to tap into the $2trillion international payment space that has for many years been a SWIFT monopoly. A shift to RippleNet offers enough liquidity and ease of integration through the existing SWIFT infrastructure.
The end game for Ripple is to infiltrate the entire banking sector and this will, in the long run, add value to its native coin, XRP. More applications and banking system coming onboard RippleNet means the coin usability grows and its value surges north.