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Ripple to establish first XRP powered Japan to Brazil cross-border payment

Priyamvada Singh

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Ripple to establish first XRP powered Japan to Brazil cross-border payment
Source: Pixabay

The official Twitter handle of Ripple published a post today, wherein it announced that Japan and Brazil are to see a new cross-border remittance service soon. This is being achieved as the representatives at Ripple are pushing for a wider adoption of the blockchain technology in FinTech. The original tweet read:

“@Bradesco and @btmu_official are leveraging Ripple’s #blockchain technology to create a new cross-border payment service between Japan and Brazil.”

A document by MUFG Bank Ltd. was also released on the news. MUFG, which is the principal banking unit of the Japanese financial group Mitsubishi, stated that Banco MUFG Brasil S.A. [an MUFG Bank subsidiary] has signed a Memorandum of Understanding [MoU] with Banco Bradesco S.A. for the purpose of collaboration on a new cross-border payment service between Japan and Brazil.

In this scenario, Ripple emerges into the picture to power the technological advancements of the service through blockchain. Furthermore, the payment system has also been designed by Ripple wherein the upcoming service is aimed at being fast, transparent and traceable.

This is not the first agreement between the MUFG Bank and Bradesco. In fact, the MoU is a continuation of the collaboration between the parties from last year. If Ripple’s power-set RippleNet begins to act as an effective tool in cross-border payments, it could be observed as a disruptive change in the industry. This event would also have an extensive impact on the price of XRP in the cryptocurrency market as well.



Alex Cobb, an XRP investor and cryptocurrency market enthusiast wrote:

“Perfect exotic corridor for xRapid Utility.
Proud to be a Mitsubishi owner”

Nerve2tweet, a cryptocurrency and blockchain follower also commented:

“Are they using $XRP?? Implementing Xcurrent will not benefit xrp holders, only when XRapid start transferring XRP will benefit us, so have a tab on it!!”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ripple

Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing

Akash Anand

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Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing
Source: Pixabay

Ripple and XRP have been mainstays in the cryptocurrency market for a long time now, with the company known for its partnerships with several institutions while the XRP community continues to be one of the most active spaces in the cryptoverse. In a recent interview, Monica Long, Senior Vice President of Marketing at Ripple, spoke about XRP’s positives, as well as Ripple’s future plans.

Speaking to Trader Cobb, Long stated that the main focus of XRP is utility as “the success of any cryptocurrency comes down to how useful it is.” The VP of Marketing added that XRP is very fast, with the added advantage of increased scalability, when viewed as a settlement asset. In her words,



“XRP is very scalable, almost 50-100 transactions per second. The design and consensus also become faster because it does not face the same network issues as Bitcoin or Ethereum. When it comes to RippleNet however, the killer use case comes in serving liquidity on an on-demand basis.”

Long touched upon Xpring and the involvement of the broader cryptocurrency community in developing XRP’s use cases. She also clarified some points with respect to XRP’s inflow into the ecosystem accounting for a major share of XRP, owned by Ripple. According to her,

“RippleNet customers if they choose to use xRapid, which makes use of the XRP liquidity, don’t have to hold XRP to conduct processes. Hedge funds and other market makers provide that XRO and the liquidity is through cryptocurrency exchanges. We do sell Over the Counter to credit institutions.”

With regard to future developments, Long claimed that Ripple is focused on driving growth for RippleNet, as well as increasing institutional adoption. Apart from that, Ripple is also planning to partner with more financial institutions in other countries, as well as accelerate volumes on the internet. Monica Long encapsulated the organization’s plans by stating,

“We want customers to be thinking about how RippleNet can improve services in as many financial corridors as possible.”





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