Adoption Near? Ripple’s Payment Network Attracts More Financial Companies

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.

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.

| Related: Borrow Money Using XRP? Nexo Now Accepts Ripple as Collateral for Loans