Ripple revealed that 13 new companies have joined its blockchain-based payment network, RippleNet, increasing the total number of customers to over 200.
The promise of cheap and fast global transactions made by Ripple continues to attract many financial institutions. This time, more than a dozen of them have joined the FinTech company’s payment network.
Ripple revealed earlier that 13 financial institutions have signed up for RippleNet, the blockchain-based payment system. New members included Euro Exim Bank, SendFriend, JNFX, Ahli Bank of Kuwait, Transpaygo, and more.
200+ financial institutions are leveraging RippleNet to make international payments faster, lower cost and more transparent. Learn more about our newest RippleNet customers here: https://t.co/scORZ41ngS
— Ripple (@Ripple) January 8, 2019
RippleNet offers at least two products, which financial institutions can enjoy— xCurrent and xRapid. In xCurrent, financial institutions can “process real-time payments” faster than legacy payment networks. Meanwhile, xRapid allows payment processors to use the XRP cryptocurrency for on-demand liquidity as a cheaper alternative to nostro bank accounts.
Brad Garlinghouse, Ripple CEO, said:
“[We are] beginning to see more customers flip the switch and leverage XRP for on-demand liquidity. At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”
The new customers’ recent entry increased the number of firms connected to RippleNet to more than 200, after a century of institutions joined in 2018. Moreover, the Ripple chief executive expects more, with two to three new customers signing up every week.