Ripple acquires new partners but none of them will be using XRP coin

The payment technology provider Ripple Labs can once again introduce 5 further partners who will use the Ripple technology in the future. However, none of the new partners will currently use XRP.

Once again, Ripple will be able to show further partners who will be relying on the Ripple technology in the future. Among the new partners are 2 large banks and 3 remittances, which are usually payments that emigrants send back to their home countries.

The banks that Ripple won include Itau Unibanco and IndusInd, the largest private bank in Brazil and the largest bank in Lain America by market capitalization. IndusInd is a large private bank in India, they will also be using the Ripple technology. Both banks will use Ripple’s xCurrent system, which does not use XRP, Ripple’s own cryptocurrency.

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The 3 providers of remittances that Ripple won are InstaRem (Singapore), Beetech (Brazil) and Zip Remit (Canada). InstaRem will also use Ripple’s xCurrent system in the future and the other two will use xVia, Ripple’s payment system. In this case as well. XRP will not be used anywhere.

The Ripple technology is proving to be of great advantage, especially for institutions handling international payments. Even the two largest providers of remittances, Western Union and MoneyGram, are already testing Ripple. The company does not seem to have any problems in acquiring new partners.

However, the evaluation of the cryptocurrency XRP is becoming increasingly difficult, because the Ripple technology is currently being introduced into the global financial system without using the cryptocurrency XRP. Only a few partners have decided to use the xRapid system, which also uses XRP.

The cryptocurrency XRP currently has a market capitalization of 37 billion US dollars, making it the 3 largest cryptocurrency in the world. 1 XRP currently costs 0.95 US dollars, but the exchange rate was already above 3 US dollars.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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