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With Ripple [XRP], Santander plans to expand service to non-Santander customers

Ketaki Dixit

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Santander plans to expand service to non-Santander customers

Earlier this month, Santander launched an app called OnePayFX, which is based on Ripple’s blockchain technology and allows cross-border payment for Santander customers, making it the first international bank to launch a blockchain-based cross-border payments app. The app not only supports fast and convenient payments but also allows the user to view the exact amount that will be transferred, based on the current exchange rate. It is currently available in Spain, Poland, Brazil, and the United Kingdom.

Based on an interview with the Financial Times, Ana Botín, Santander’s Executive Director said that Santander has bigger plans with Ripple. They are planning to allow even the non-Santander customers to use the technology.

She said:

“We’re working, as you say, to make this also, at some point – I don’t have a timing for that – a separate app so it’s open market payments and so we’re very excited about the potential.”

Ana also mentions that Santander is working towards making it accessible to companies as it is now available only to individuals. She also explained that Santander uses blockchain technology to make about 50% of the foreign exchange payments, in collaboration with Ripple. Before this technology was launched, they had tested it for about two years with their own employees.



Matthew Wirtz, a Reddit user said:

“It’s only a matter of time. The old system of transfering money will not be accepted by customers soon. Waiting days for a transactions to occur will be a thing of the past. A post I saw yesterday about a few million dollars being transfered in 2.5 minutes at a cost of under a dollar. This is going to open peoples eyes. Speed and cost will always win out in the end.”

Shawn Schaeffer, a Ripple enthusiast says:

“Executive chairman Ana Botín’s Interview should spark excitement to any XRP  holder. She states this summer the transfer of fiat will be instant using the rails of Ripple. I’m not a fin. advisor but xrp is going to explode. All i have to say is buckle up.”





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Ripple

Ripple: Cryptocurrencies can reduce friction in global commerce, claims CEO Brad Garlinghouse

Arijit Sarkar

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Cryptocurrency can reduce the friction of global commerce, says ’s Brad Garlinghouse
Credit: Pixabay

Given the constant disregard for cryptocurrency and blockchain by financial institutions, prominent crypto-leaders have personally been preaching the technology for furthering global adoption. One such figure is Ripple’s CEO, Brad Garlinghouse.

Ripple’s Garlinghouse has always made an effort to minimize the common man’s speculation around tokens. Recently, he made headlines for sharing similar views on Recode Decode, where he said,

“You went from illicit activity to speculation, and today you’re going from speculation to utility.”

While exhibiting his support for cryptocurrency adoption, Garlinghouse made it clear to viewers that he did not expect banks and governments to “be obliterated by the new technology”. He also shared his vision for the future, stating that the system can be changed only by working with the system.



The Vox interview also touched upon Garlinghouse’s claim that crypto-adoption would result in the direct reduction of friction in global markets. He said,

“These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”

He further argued that different currencies, including fiat and crypto, could find specialized use-cases for different things. Along the same lines, he also supported Bitcoin [BTC] investments alongside developments in the XRP ecosystem, as he believed that both work best owing to their unique use-cases. The interview finally ended with Garlinghouse mentioning this on a cautious note:

“Focus on the substance, not the hype. It’s going to impact lots of parts of lots of industries in the same way the internet impacted lots of industries.”





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