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Ripple partner Banco Santander creates blockchain-focused team to capitalize on “wave of digitalisation”

Anirudh VK

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Ripple partner Banco Santander creates blockchain-focused team to capitalize on "wave of digitalisation"
Source: Unsplash

Banco Santander recently created a digital investment unit, which will ensure that the bank is using the latest technology offered in the Financial Technology sector efficiently. The team will be headed by John Whelan, who is currently the Director of the bank’s blockchain lab.

The assignments that are given to the team also include exploring the use of tokenized securities in debt capital markets, derivatives and other products.

Santander is known in the cryptocurrency and blockchain space for being an early adopter of the technology. They have partnered with Ripple, and have stated on previous occasions that they use Ripple’s xCurrent technology to process more than 50% of their transactions over the last fiscal year. Santander’s executive chairman, Ana Botin stated:

“We are covering 50% of all FX payments that Santander does annually [with Ripple]. It works really well because we have been testing it for 2 years. Its safe, its compliant.”

Santander has a service known as OnePay FX, which takes the form of a mobile application. The app allows users to view the total cost for a cross-border transaction while sending money and provides a receipt upon the completion of a transaction. It utilizes xCurrent, which functions on Ripple’s blockchain to provide cross-border transactions with end-to-end tracking.

They announced earlier this year that they have plans to utilize blockchain within its capital markets business. This is towards the aim of changing how the securities they manage are issued, traded and settled.



Notably, the bank seems to be diving into the blockchain space with enthusiasm, as it was recently included as a member of the we.trade consortium. It is also a part of the Enterprise Ethereum Alliance, a consortium which connects various companies and service providers with Ethereum subject matter experts.

On the move towards creating a new unit for the progress of technology in the sector, José M. Linares, Santander’s Senior Executive Vice President stated:

“The wave of digitalisation that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us”.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Ripple

Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

Guest Author

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Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
Source: Pixabay

The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.



If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.





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