Wednesday, September 18, 2019

Why Ripple and XRP Will Keep Being Banks’ First Choice

The use of the blockchain was put on full display at the Ripple Regional event that held in London. The event, which was graced by important dignitaries such as leaders from TransferGo, Mercury FX and Euro Exim Bank, has turned out to be a major eye opener regarding blockchain technology and its numerous applications.

With the increase of blockchain education, banks and other financial institutions will start to understand the benefits associated with the use of blockchain technology and cryptocurrency, thereby resulting in more of its adoption.

Blockchain and What It Provides

Speaking about the efficiency of Ripple’s products, Euro Exim’s head of Compliance and Operations, Graham Bright, stated that the goal of the company is to ensure that only services that are reliable, secure, fast and trusted are available to its customers and all of this can be improved upon by the blockchain.

He also spoke about the use of xRapid, explaining that it serves the purpose of facilitating the enhancement and expansion of the business’s services throughout Africa and East Asia.

“We chose xRapid because we need to make it easy to move funds as quickly and as cost-effectively as possible.”

With the use of Ripple and xRapid, Euro Exim Bank has successfully increased international business.

Ripple Continues To Impress As More Positive Remarks Flow In

Also at the conference, Alastair Constance, the CEO of mercury FX, spoke about the impact Ripple is making in their business. The CEO said that compared to the use of SWIFT, payments are not only faster now, they also cost less. Furthermore, the head of Mercury FX expressed that the use of xRapid is “exciting” as it makes it possible for markets which were previously inaccessible to now be opened for the firm’s clients to conduct trades freely at cheaper costs and higher speeds.

Related Article:  New York University Professor Says Blockchain Is No Better Than Excel Spreadsheet

Constance talked about how Mercury FX was proceeding with caution into the blockchain pool at first, but in the end, it was rewarding for the business. As the firm continued to interact with the blockchain, it was observed that the use of Ripple’s technology could be very beneficial to them.

This positive conclusion is what Ripple- a remittance and currency exchange network- created by Ripple Labs Inc, a tech company based in the United States, is aiming to achieve with many more companies, with the expectation that in few years to come, a lot more companies will say the same thing about Ripple. Since the demand for cross border payments is not declining instead is very much on the increase, blockchain solutions will be highly sought after by international companies.

More Articles

14 People Arrested For Using Subsidized Power For Mining...

South Korean authorities arrested 14 people for using subsidized power to mine cryptocurrencies yesterday in different industrial complexes on the country, according to a...

Mt. Gox Moves 8000 Bitcoin From Its Wallets

The once biggest bitcoin exchange in the world, Mt. Gox has moved 8000 bitcoins from its wallets, according to an article by CryptocurrencyNews. Mt. Gox...

How Does Bitcoin Work?

Often times the world seems to be moving at a slow pace and bang! A ground shaking innovation spring up and takes the world...

Partido Popular Proposes to Explore Blockchain in Spain’s...

The ruling Spanish political party, Partido Popular (PP), have proposed a bill to utilize and explore blockchain technology to improve transparency and traceability in...

A Trojan Version of Mega Chrome Extension Carts Away...

A trojan version of Mega Chrome extension carts away Monero (XMR) and Ethereum (ETH) cryptocurrencies of its users by obtaining wallet details along with...

Ethereum’s Price Remains Unaffected Despite Constantinople and St. Petersburg Upgrade

News about network upgrades are known to either spike or pummel the price of a cryptocurrency. Whether the news is true or false, two...

Customers of an Australian Cryptocurrency Exchange are Unable to...

Customers of myCryptoWallet, an Australian cryptocurrency exchange are unable to withdraw their funds. The company in question, claims that this delay is caused by...

The 2020 Economic Crisis Would Be The Worst Of...

An Economist projects another economic crisis to take place in the world by the year 2020. He believes that the financial crisis would be...

Irish Start-up Plans To Solve Airport Problems Via Blockchain

We all know how irritating it is when flights got delayed and postponed for passengers in the airport. Another thing is the hassle and...

Recent Decline in Bitcoin Price Casts Shadow on Bullish...

Bitcoin (BTC) price drops to about $3700 to quiet predictions of a bullish spark in price, and lows of $3300 should not be a...

Huobi Users in America Can Now Purchase Crypto with...

The US arm of Singaporean digital assets exchange, Huobi, has announced that the US dollar can now be used to buy cryptocurrencies on its...

Latest Articles

HMRC demands info on traders from crypto exchanges in...

HM Revenue & Customs (HMRC), the UK’s tax authority, sent out requests to several top cryptocurrency exchanges last month, for information regarding their customers. Specifically,...

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...