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The Customer Base of Ripple Net Exceeds to 200, GarlingHouse Emphasise Fiat Inconstancy

by Xnews Bitcoin Digital Currency News
According to the reports on January 8, the blockchain firm and crypto company-RippleNet stated that 13 new financial institutions have registered with the RippleNet payment platform, accounting to the total number of a customer reaching 200.

The new organizations that have signed up are situated in different locations including Sweden, England, and Kuwait, with a total of 40 countries across all the customers. The blog post of Ripple notes that 5 of the new firms namely JNFX, Send Friend, Transpaygo, FTCS, and Euro Exim Bank will use digital asset- XRP of Ripple for liquidity when sending customer trans-border costs.

The customer base of RippleNet exceeds to 200, Garlinghouse emphasizes fiat inconstancy

The other institutions that registered with RippleNet, like CIMB or Olympia Trust Company, will make use of Ripple tech for instant settlement and more clear payments.

Brad Garlinghouse-CEO of Ripple stated in the post that RippleNet is watching 2 or 3 new clients connect each week since last year, with an increase in 350 in 2018 in clients doing live transactions.

Talking to CNBC, the CEO, addressing a public concern that making payments through crypto is a bad substitute for fiat payment due to the volatility of the currency, stated that foreign currencies can also be unstable.

He stated that the average SWIFT transaction consumes three days — but actually what we are seeing is three business days. You’re inviting fiat instability risk while markets are sealed over the weekend.”

In the month of March, reportedly, proof-of-concept of SWIFT blockchain was accomplished well with attention on Nostro accounts — an account of a bank in a foreign currency in some other bank. In the month of November, SWIFT India also joined with a fintech company to experiment a distributed ledger (DLT) network with the objective to raise the productivity and security of financial products.


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Created on Jan 14th 2019 00:12. Viewed 495 times.

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