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Ripple’s XRP Adds Bank of America to Payment Networks and Expands its Remittance Markets

Jamie West by Jamie West
November 27, 2020
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Ripple, on its recently updated website, disclosed that Bank of America, a leading American bank, is now among the payment networks of RippleNet, known for the startup’s global payment network of banks and one of the leading financial institutions and arch-rival of the SWIFT network.

Ripple, the fast-growing fintech company, gave insights into its steadily growing membership of leading financial firms using its improved payment network.

“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions. It creates a community, regionally and globally, where members can learn and share insights, and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”

Recall as well that some time ago, a published report about how Ripple disclosed that its global payment network, RippleNet, is already available in over 50 countries and five continents. These include the US, Mexico, Europe, the Philippines, Australia, and, more recently, Nigeria.

Also, Bitso, with their partnership with Ripple, is delivering great services to Mexican businesses and retail customers as well. They are helping to solve the numerous difficulties that have been experienced by the people who have tried sending money outside of Mexico.

Bitso is already the largest exchange in the Latin American region. They reportedly have the largest liquidity of Mexican pesos converted to digital assets. They are also doing their best to boost further the financial access to XRP cryptocurrency in more parts of Latin America, a large underbanked population, with their partnership with Ripple.

It is difficult and expensive every time it becomes necessary to pay a large global supplier using traditional methods. This becomes even more of a problem for retail customers when they need to transfer the money.

Since Ripple remittance markets are expanding to new corridors, the need for these services will boom for migrant families. This is why RippleNet’s services are being targeted to a family whose rent, groceries, and educational costs depend on foreign remittances from their relatives who are working abroad.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

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

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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