Apart from the rumor that Ripple will be the official cryptocurrency of the 2020 Olympic Games, the cryptocurrency is hitting some major goals, as RippleNet has welcomed 13 more new financial institutions to its network.
Ripple already has around 200 customers. The latest ones include Olympia Trust Company, ConnectPay, Ahli Bank of Kuwait, Euro Exim Bank, GMT and more. RippleNet is a remittance system based on the technology of blockchain that allows the settlements to be fast, low-cost and transparent.
In addition to the advantages that the remittance system offers to all clients, SendFriend, Euro Exim Bank, Transpaygo and FTCS will also enjoy the XRP On-Demand Liquidity feature. This special XRP feature allows the quick cross-border facilitation of payments, eliminating all administrative, slow processes that are usually performed by traditional banks.
Wirh Ripple’s liquidity feature, financial institutions will be able to perform transactions with digital coins such as XRP, with the beneficiaries and originators of the transactions receiving and sending payments in their very own local currencies. Essentially, the accounts that banks needed to set up special accounts in which foreign currencies were deposited to allow for cross-border payments.
The CEO of Ripple, Brad Garlinghouse, expressed his positive outlook on the development of the company and the increasing number of customers it has gained in the last year. According to Mr Garglinghouse, in 2018 alone, Ripple gained around 100 financial institutions as clients, while signing two or three new customers each week.