JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers. Using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system.
“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week.”
“At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.” – Brad Garlinghouse, Ripple CEO
Despite the 2018 bear market, Ripple saw a 350% increase last year in customers sending live payments, showing that the cryptocurrency may finally be achieving the utility it needs to reach mainstream adoption. RippleNet currently operates in over 40 countries across six continents. It will be interesting to see whether the increase in adoption of RippleNet will affect the price of XRP in 2019. As of press time, Ripple is back to 3rd place behind Ethereum on CoinMarketCap.