Akbank, a Turkish bank, has announced that it is using Ripple’s blockchain technology to transfer Great Britain Pound [GBP] to UK’s Santander Bank from Turkey.
As the most devastating bear year approaches the end, some good news comes afloat as Olga Ulutaş, Executive Vice-President in charge of Direct Banking made his satisfaction of becoming the first bank to use Ripple’s blockchain technology for cross-border payments clear.
Referring to the announcement made last year about adopting Ripple’s blockchain technology, Ulutaş said that they’ve started international money transfer using blockchain technology. He continued:
“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks.”
GMT Israel’s largest and leading financial services company announced in their blog that they are authorized in using Ripple’s blockchain technology.
The blog stated:
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.”
Although there are no mentions about the use of xRapid to facilitate the transactions, some people in the community are speculating that it could be xCurrent and not xRapid.
Back in June, Brad Garlinghouse, the CEO of Ripple said at CBInsights that he is sure that at least one bank would use XRP. He said:
“I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid”
When asked if he was sure, he replied that he was “… a 100% sure”. The community is putting two and two together and speculating that this could very well be that bank as 2018 has only 15 days left.
A Redditor mikenard77 commented:
“They are transferring GBP to Santander. This means they are using Santander as a hub, to pay out in multiple currencies with one bilateral relationship. Santander will send the needed currency to the recipient. Multihop does not require xRapid, but the most efficient multi-hop payments are done through xRapid.”
The news might also bring back the familiar “$589+ by the EoY” to life as it coincides with the well-known BearableGuy123’s riddle and Brad Garlinghouse’s comments.
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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