LONDON (IT BOLTWISE) – Ripple has reached a significant milestone by partnering with over 300 banks and financial institutions worldwide. This development is attracting Wall Street’s attention as the integration of blockchain technologies into traditional financial systems becomes increasingly important.
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Ripple recently announced that it has partnered with over 300 banks and financial institutions worldwide. These partnerships span six continents and include significant markets in North America, Europe, Asia and the Middle East. Banks use RippleNet to speed up cross-border payments and improve liquidity. This development has piqued Wall Street’s interest as the integration of blockchain technologies into traditional financial systems becomes increasingly important.
Although many banks use RippleNet, most do not directly use the cryptocurrency XRP for transactions. Instead, they rely on Ripple’s messaging technology to speed up and monitor transfers. However, some banks, such as SBI Remit in Japan and Siam Commercial Bank in Thailand, use XRP for liquidity purposes. These different approaches raise the question of whether the partnerships will ultimately lead to real demand for XRP.
Ripple’s recent funding round, where the company raised $500 million at a $40 billion valuation from investors including Citadel Securities and Fortress Investment Group, shows institutional investors’ confidence in Ripple’s payments infrastructure. These investments suggest that Ripple is increasingly being perceived as a regulated financial infrastructure provider rather than a speculative token project.
The future of XRP depends on its actual usage by financial institutions. As RippleNet expands, the challenge remains to get banks to use XRP or the new stablecoins for real-world transactions. Should Ripple be able to convert its extensive partner list into active use, it could play a more significant role in the $6 trillion cross-border industry.
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