What makes cryptocurrencies intriguing especially for its investors is the promise that it can provide a revolutionary way how we perform transactions. Recently, one cryptocurrency has been breaking ground and it isn’t even Ethereum or Bitcoin. Ripple launched an app together with Banco Santander, Spain’s largest bank. And with this app, you will be able to make quick international currency transactions.
The app is called One Pay FX. It uses the Ripple blockchain technology and enables transfer of currencies between Europe and US. According to Ana Botin, the executive chairman of Banco Santander, “One Pay FX uses blockchain-based technology to provide a fast, simple, and secure way to transfer money internationally—offering value, transparency, and the trust and service customers expect from a bank like Santander”. And this is just the beginning. She added that One Pay FX is the first of many planned applications that will utilize Ripple’s blockchain.
Ripple Wants the Government to Step In?
Ripple is a bit different than other cryptocurrencies because it mainly wants the government to step in. In fact, Ripple has urged UK regulators to create a new framework that would ensure better transactions and other advantages when using the cryptocurrency.
In fact, during the start of 2018, Ripple along with other digital currencies had a rough start. However, it was able to pick up the pace and has even gained trading volume by 37% in just the past 7 days. Currently, Ripple is trading at around $0.67 and it is also worth mentioning that Ripple has maintained a steady price in the last two days.
Other Things That Made Ripple Spike in Value
There are a number of reasons as to why Ripple increased in value over the last few days. One, Borse Stuttgart, which is Germany’s second-largest stock exchange was set to launch a cryptocurrency app that included Ripple among few other digital currencies. In addition to this, there is also xCurrent, xVia, and xRapid that are set to make banking transactions cheaper and more efficient using Ripple tech.
Ripple’s New Mission
Ripple is quite different from other cryptocurrencies because it mainly wants to work with large banks worldwide in order to allow the seamless transfer of money to different parts of the globe. Cory Johnson who is the Chief Market Strategist for the cryptocurrency mentioned that there were three main products provided by Ripple namely: XCurrent, XRapid, and XVia.
XCurrent has been designed in order to move messages regarding money from one point to the next that allows money transfer to be easy for banks. On the other hand, you have XRapid which conveniently incorporates the XRP coins into banking transactions. And lastly, you have XVia which is designed to allow companies to watch how money is being transferred from point A to point B. It is a portfolio management system for corporates.
Is Ripple headed towards massive adoption by banks worldwide considering the technologies that it has been developing? Could strict regulations actually become Ripple’s greatest asset in contrast to other digital currencies out there?