Ripple Network Expands to More Than 100 Financial Institutions

ยท 21 Dec 2017 in Crypto News, Home

Ripple, one of the most important cryptocurrencies in the market, is working hard to expand its network. Commercial banks and financial institutions are moving towards new ways of financial integration with ledger technology. Ripple allows these institutions to give better services by allowing faster cross-border payments and more efficient transactions.

Ripple Partnered With More Than 100 Clients

Ripple has managed to have a partnership with more than 100 clients. Among these we can include  Santander Group, UBS and VISA. At the same time, some institutions like the Australian Stock Exchange are experimenting with distributed ledger technology.

“At Ripple, we are focused on engaging with commercial banks to implement production – grade enterprise systems – using distributed ledger technology – to support cross-border payments. In fact, we recently celebrated a significant milestone – we added the 100th client to RippleNet,” reads a statement published by the company.

Furthermore, the Ripple xCurrent product is being tested and used by different institutions since 2013. This product is a solution that allows banks to settle cross-border payments with end-to-end tracking instantly. The public XRP ledger has successfully completed 35 million ledger updates without failure and offered around 1,500 transactions per second.

Infrastructure Innovation

Old systems like the CHESS are being supplanted by the different Ripple products and services that they offer. This innovative technology is not only used by private institutions, but also central banks from all over the world. This can be seen during the last meeting held at New York City in October. At UseTheBitcoin we covered this meeting and we explained how the Internet of Value works.

“My first priority will be piloting interoperability between payment systems, the use of distributed ledger technology for domestic clearing and settlement and novel applications of xCurrent as well as our digital asset XRP. I look forward to exciting new initiatives bulding the Internet of Value in 2018,” commented the Global Head Infrastructure Innovation, Dilip Rao.

Ripple keeps working with the different financial institutions in order to provide the financial innovation needed by the customers.

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