All eyes in the cryptocurrency space are on Ripple ahead of its annual conference known as Swell. It has attracted a lot of attention owing to its star-studded lineup of speakers, which include personalities like Bill Clinton and Gene Sperling. Moreover, XRP enthusiasts are also excited about the conference, anticipating some sort of big announcement to be made at the venue.
This is also interesting, considering how some of Ripple’s biggest partners will be present at the event. This includes such names as Banco Santander, Siam Commercial Bank, InstaREM and individuals from the International Monetary Fund and regulatory parties around the world.
The day before the conference also marked the meeting of representatives from various members of RippleNet. They met as one of their regular meetings that they conduct many times a year. The purpose of these meeting is to “ensure that the rules of RippleNet operate on a common framework”.
Representatives from MUFG, Bank of America, WestPac, Standard Chartered, Banco Santander, SCB, American Express, and SBI appeared at this meeting, which was headed by Marcus Treacher, who stated:
“We’re here to ensure the framework of the network we call RippleNet evolves in an optimal way. You are the key movers and shakers on the network and we can develop strategy to help it grow steadily and efficiently.”
The meeting also spoke about how to make the RippleNet more consistent in its operation, along with principles for faster onboarding and legal clarity.
RippleNet is a network of banks and financial institutions, wherein participants can transact with anyone through a single agreement. This also comes into play with a newly-announced feature on the network known as multihop.
Reportedly, this technology will solve for reach and liquidity, while offering a lower risk chance than existing systems. Dilip Rao, the Head of the Infrastructure Innovation team at Ripple, said in a tweet:
“Banks don’t do business with banks they do not know (due diligence and account opening can take 6-9 mths!). Multi-hop enables a bank to connect indirectly (via a bank they share accounts with) to many more they do not know.”
He also explained how banks act as hubs, connectors, and exchanges to facilitate the delivery of funds to the next bank on the multi-hop chain. Moreover, with the use of XRP for settlement, banks can expand their delivery network without the use of nostro and vostro accounts.
The process also eliminates the credit risk that usually comes with multi-hop transactions, along with AML and CFT risks. This is due to the transaction settling atomically across all the legs of the process.
Overall, the conference and the events leading up to it have been delivered in a measured way so as to not create hype for XRP. As opposed to last year’s approach of having a live stream of the event, Ripple has opted for releasing videos of the speeches and events at the conference. It is left to see how the market will respond.
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