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Ripple Partner Euro Exim Bank has Announced the Development of XRP Based SimpleX

Ripple’s Partner Euro Exim Bank has just published a report regarding their partnership with the company. As part of Euro Exim Bank’s 2020 profile, they highlighted the importance of their collaboration with RippleNet and its potential. As the report indicates, Euro Exim currently has a specific and bullish interest in the cryptocurrency notice to the network, XRP.

Ripple and Euro Exim have built a cloud platform together for trading. This platform is known as the SimpleX and will be used as an extension of Euro Exim’s payment capabilities. They created it to simplify the creation, management, tracking, costs, and the environment wherein the transactions between different corporations are settled. The SimpleX platform is meant for the use of both small and medium-sized businesses that use or will potentially use the XRP token.

They had these to say regarding the topic:

“Euro Exim Bank, facilitators of global trade, is well-equipped to service corporates and SME’s in these unprecedented times, with our innovative blockchain-enabled SimpleX trade platform with immutable information gathering and sharing, and supporting Ripple real-time payments and frictionless low liquidity transactions with underlying XRP cryptocurrency.”

This way, Ripple and Euro Exim have created a platform meant to reduce trading complexities between these entities. SimpleX is a solution that is meant to manage different financial trading instruments such as Standby Letters of Credit, Letters of Credit, Bank Guarantees, and Performance Bonds. For this solution to work, the platform will be using the capabilities of blockchain technologies.

Marcus Treacher, Ripple’s Senior Vice President for Client Success, had this to say in reply to Euro Exim’s report:

“Euro Exim Bank is an innovative company that is incredibly focused on providing its customers with a quicker and cheaper payment experience. With the use of XRP for on-demand liquidity – as well as xCurrent they are delivering on that promise. We’re excited to have them on RippleNet.”

This partnership has been announced as early as 2019. Euro Exim was one of the first institutions that have made an announcement regarding the use of Ripple’s products. These include their cryptocurrency, the XRP Token, to settle their international transactions.

In the report, the bank claims to offer its customers with a faster, more secure, and less expensive way of sending their money. Euro Exim was also able to “dramatically” reduce the costs of their operation since they’ve used XRP as their inter-bank communication medium. The bank states that they are less reliant on “expensive fiat money” and have focused on offering financial solutions for newer and more modern markets.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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