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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.

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.

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