Amore Finance, a startup providing banking solutions for businesses and individuals startup based in Prague, Czech Republic, has partnered with Ripple to join its ever-growing network of banks known as RippleNet, according to a local news portal. In addition to this announcement, it has been reported that the finance startup joined RippleNet in cooperation with Cleverlance, a technology firm in the Czech Republic.
RippleNet was launched by Ripple, with the aim to solve existing problems of cross-border payments, such as real-time payments solutions and low transaction fees. It is a network of banks, financial institutions and financial software providers, mobile wallets and many more, using Ripple’s solutions and enables participants to transact through a single agreement around the globe.
Amore Finance is the first financial startup from the Czech Republic to join the network, and providing its customers access to fast and cheap transactions with absolutely no error rates. This was achieved mainly because of Cleverlance guiding the startup throughout its onboarding process.
The other notable members of RippleNet are MUFG, the 5th biggest bank by assets in Japan, Santander, Bank of America, Mizuho Financial Group, MoneyGram and Western Union.
Cookie Monster, a Twitterati said:
“My head is spinning from all these banks Bank!”
Dimmy, another Twitterati said:
“It goes on and on. Ripple”
Recently, Ripple released their Q3 report which revealed that they sold over $163 million in XRP and that the institutional direct sales saw an increase of approximately 500% to $98.06 million in comparison to Q2’s $16.87 million. The company marked this milestone despite the high volatility of the market.
The report stated:
“XRP II, LLC — a Ripple subsidiary that is a registered and licensed money service business (MSB) — sold $98.06 million worth of XRP in institutional direct sales”
In addition, the programmatic sales also saw a significant increase over the past three months, an $8.61 million increase to Q2’s $56.66 million. The company also released 3 billion XRP from their escrow accounts out of the 55 billion which was locked up and secured cryptographically. Out of the 3 billion XRP, 2.6 billion XRP were being utilized and the rest are set to be used in order to support the XRP ecosystem.
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