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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