Ripple Hits Milestone; Over 100 Production Contracts Signed
Ripple continues to expand in a very competitive industry. Chris Larsen, Ripple’s co-founder and executive chairman, revealed that the company has now signed over 100 production contracts. He announced the milestone this week at the Crypto Finance Conference in California.
Ripple Keeps Signing Banks
Ripple is currently offering a wide range of services for the partners and contracts its brought on. These companies are also international and diversified across the financial sector.
Some of the services provided by Ripple help improve transaction speeds and reduce the cost of transactions. Additionally, the XRP currency is used in the xRapid solution that improves cross-border payments.
The results of the first pilot for the xRapid product were very promising. According to Asheesh Birla, Senior Vice President and Product Management at Ripple, the xRapid product improved transaction times and reduced costs by between 40% and 70%.
Brad Garlinghouse, Ripple’s CEO informed the press recently that company is now signing a production contract per week.
About it he mentioned:
“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So we’re seeing that momentum build.”
Ripple has also been committed to reducing the amount of XRP currency held centrally by the organization. Currently, the company owns 60% of the total XRP supply. Additionally, they have 91% of that investment locked in escrow.
At the moment, the currency XRP is being analyzed by the U.S. Securities and Exchange Commission (SEC). The regulatory agency did not mention whether it considers XRP a security or a commodity. In the past, the SEC declared that Bitcoin (BTC) and Ethereum (ETH) are not considered securities; though the discussion is still alive for Ripple.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.