Major banks in Japan and Brazil are collaborating to develop a new cross-border payment service using Ripple’s XRP cryptocurrency, reports Edo Farina. MUFG Bank, Japan’s largest bank, has signed a partnership agreement with Banco Bradesco, Brazil’s second largest bank, to create a payment channel between the two countries powered by Ripple’s blockchain technology.
The new payment system will enable real-time money transfers between Japan and Brazil and provide greater transparency in tracking cross-border payments.
One of the major benefits highlighted is XRP’s ability to facilitate faster international transactions without the foreign exchange risk typically associated with traditional wire transfers.
Announcement of the agreement comes on the heels of Ripple expanding its presence across Asia, with Japan representing one of their largest markets. The partnership with MUFG Bank and Banco Bradesco signals growing momentum for the company in Latin America as well.
As more major financial institutions start leveraging cryptocurrencies, initiatives such as this demonstrate the growing maturity of blockchain technology to address real-world challenges in global payments and finance. Expect further developments in this area as banks deepen their exploration of digital assets.
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