Not everyone in the cryptocurrency world is a big fan of Ripple. That is only normal, as the project doesn’t focus on the same areas as Bitcoin. Nor is it anything like Ethereum or any other currency that matters these days. With their strong focus on improving the financial system, the company has taken a very different path. Despite a lot of opposition from cryptocurrency enthusiasts, the project is a major player in the banking sector. In fact, 11 of the world’s top banks are a member of RippleNet as we speak.
There is literally no point in labeling XRP as a cryptocurrency. This digital asset is the native currency of the Ripple ecosystem. Anyone who joins RippleNet will be introduced to XRP sooner or later. They are still free to decide whether they will use it or not. With 11 of the world’s biggest banks by total assets using RippleNet, it is evident a big change will happen soon. Frictionless commercial payments is a very difficult industry to revolutionize. So far, it seems Ripple is the company that successfully makes an impact.
RippleNet is Making Major Waves
While there are over 100 customers already, there is always room for future growth. Thousands of financial institutions exist all over the world. If all of them were to use Ripple, global real-time payments would become the new norm sooner rather than later. So far, this level of adoption is significant, but it’s still a drop in the bucket. Unlike most other blockchain solutions, RippleNet has a first-mover advantage. After all, it is in every bank’s best interest to work on real-time payments now rather than in five years.
Ripple’s Marcus Treacher comments as follows:
“Blockchain technology is being adopted by the mainstream, including the biggest financial institutions in the world. They see value in our solution not only because it can increase their bottom line, but because it enables them to offer their customers an enhanced payments service, ultimately helping them to gain market share and free-up capital for other investments and business activities.”
It is pretty interesting to check the list of banks using RippleNet. Entities such as MUFJ, Bank of America, and Santander are not small fish in the pond. In fact, they are some of the biggest household names in the financial sector. That doesn’t mean they will all make use of Ripple’s technology in the real world, though. While there is plenty of initial interest, it will take a while until proper projects are developed. Asian banks are well ahead of the competition in this regard as we speak.
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