PNC Financial now part of Ripple money transfer network
PNC Financial now part of Ripple money transfer network
Cryptocurrencies rally over Ripple's digital coin issuance
30 September, 2018, 18:25
Boosted by some positive developments related to Ripple's underlying blockchain protocol, the digital currency surged last week, almost tripling its value in just a few sessions. Ripple'spayment system focuses on facilitating transfers between major financial institutions. It has worked with the status quo every since its beginnings. He said: "In 2016, we piloted 12 banks".
The crypto market has continued its positive run and strong gains are being seen across the board this morning. It is a product which aims at banks and financial institutions.
The company plans to launch the commercial version of xRapid in October. Additionally, xCurrent provides "payment certainty" with what it refers to as the "pre-disclosure of information" (prior to settling transactions). Alastair Constance, founder of pilot participant Mercury FX expressed his satisfaction with the technology - stating that transaction speed and cost efficiency of xRapid were incredible. McKinsey research claims that typical worldwide payments take between 3 to 5 working days to complete. Using xRapid, Ripple claims that it can speed the entire process of converting U.S. dollars into XRP, and then XRP going to the fiat currency of choice at the other end.
Ripple has been building this network for handling global transactions for a while and has also partnered with several other high-profile financial institutions (as mentioned in their quote above).
The time is favorable for launching the Ripple xRapid. Ripple announced an important partnership with one of the top ten banks in the US, PNC Bank.
PNC bank now has more than eight million customers around the United States, with a network of retail branches spread out across 19 states servicing individuals, small businesses and large corporates.
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NBC will make use of RippleNet by the last quarter of this year and would result in its customers experiencing much faster and more transparent worldwide payment services.
"Ripple is adding a bank per week to the network and RippleNet is life in 40 countries and six continents".
For example, a commercial client in Pennsylvania receiving a payment from a United Kingdom buyer will be able to receive payments against their invoices instantly.
Over the past 7 days, the social media activity of keywords such as XRP and Ripple have increased significantly, likely due to the announcement that there will be a new Ripple product launched in October.
The demo begins by explaining how the Ripple company intends to bring the internet of value to banking. Ripple controls only seven percent of the nodes used for validation. However, they also told that they might not be using XRP for their transactions. He notes that Australia, the Philippines, and Thailand all consider XRP a commodity. This largely confirms the bullish take on the decision by the SEC today to delay a decision on the VanEck/SolidX exchange traded fund. FOMO, the fear of missing out With these developments and the huge surge in buyers, many investors may be buying simply for fear of missing out.
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