One of the largest banks has joined the Ripple network
Transfers based on the distributed ledger began to be officially offered to the clients of the credit institution.
US blockchain giant Ripple continues to support investor hopes through new partnerships, despite a lawsuit filed by the US financial regulator.
Good news for BankDhofar from Ripple
Ripple has announced a partnership with BankDhofar, Oman's second-largest bank. BankDhofar will now use RippleNet for certain money transfer transactions and money transfer channels. Transfer transactions between Pune-based IndusInd Bank and BankDhofar will be carried out using the RippleNet infrastructure.
According to a post posted by Ripple, this partnership actually contains the former. This is the first time that real-time mobile payments can be made between two banks, and Ripple's infrastructure plays a big role in this. BankDhofar customers will be able to send transfers of up to $ 2,600 to India directly using the app.
For the first time between India and Oman thanks to Ripple
The fact that real-time payments will be made from Oman to India for the first time also reveals just one of the benefits offered by Ripple's infrastructure. The statement made by Ripple said that it is proud to have realized this partnership and also highlighted that India is a leader in the money transfer industry.
India is the country with the most remittances in the world, and Indian citizens working in other countries send money to their countries in a variety of ways. The fact that Ripple is the first in this regard shows how important and future-oriented the proposed technology is.
XRP was also influenced by positive changes
A few days ago, Ripple signed a partnership agreement with the National Bank of Egypt, Egypt's largest bank. With this move taken for a remittance channel between Egypt and the United Arab Emirates, Ripple's partner network has expanded significantly. It is not yet clear if XRP, which is said to be the security in the lawsuit filed against Ripple, will be used in these channels.
XRP is up 10% after these announcements, surpassing $ 1 again. In fact, the cryptocurrency industry is currently experiencing a general upward trend. However, XRP's sluggish rate has been interrupted for a while by news of new partnerships. XRP is known to be used especially in ODL products and Ripple contributes to XRP by constantly developing its partner network.
PNC Bank embraces blockchain technology and has joined RippleNet
PNC - the eighth-largest bank in the United States by assets, managing nearly $ 400 billion in funds - was the first in the country to use RippleNet's distributed ledger to make cross-border customer payments.
It is reported that the department of the treasury of the credit institution announced the beginning of the provision of such blockchain services:
“The ability to receive payment overseas almost instantly after invoicing is an important and effective transformation of the receivables management process that arises when working with counterparties around the world, and this, in turn, leads to the fact that there is an opportunity to significantly improve the process of managing working capital in the organization. ".
As explained in the bank, clients will be able to improve the liquidity of working capital by converting accounts receivable into "live" cash much faster, more reliable, and less costly than in standard financial transactions, when the debtor is paying off his debt.
It is especially worth emphasizing that PNC is not starting to test work with the blockchain from Ripple - similar experimental transactions have already been carried out since September 2018, when the bank began to work with the blockchain solution xCurrent. Currently, we are talking about constant and daily work with the RippleNet blockchain to carry out financial transactions. The market "considered" this and on August 29-30, the native tokens of the Ripple project, XRP, showed growth.
At the same time, Ripple itself said that the use of XRP and its price are directly beginning to depend on projects for cooperation with institutional organizations of blockchain solutions offered by the fund. Thus, the volume of transactions in the XRP / Mexican peso pair grew on the local crypto exchange Bitcoin by more than 25% at the time when the payment giant MoneyGram began to cooperate with Ripple, and Ripple, in turn, acquired a 10% stake in MoneyGram.
As said the head of Brad Ripple Garlinghaus:
"This deal will have much more implications for the cryptocurrency market than even the publication of the White Paper of Facebook's Libra digital asset."
Ripple's successes, of course, are, however, oddly enough, they can pose risks to the independent existence of the organization in the future.
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