Ripple is finally breaking through with the banks and its so much good news for the cryptocurrency’s investors and stakeholders. The RippleNet Solution for banks will finally be officially put to use by Standard Chartered Bank. The bank made it public through a statement which indicated that its decision to use Ripple (XRP) is actually on course.
The bank will be using RippleNet to provide payment services over borders by an extension of five to its existing number of countries by the year’s end. Standard Chartered Bank has some 18,000 workers in about half the number of countries in the world and with 1,200 branches and outlets tat provide its service.
Earlier this year when there were several rumours surrounding a number of banks and financial institutions which Ripple was working on negotiations with, Standard Chartered emerged as one. Most people pushed the news aside, labelling it as rubbish, only to be disappointed when there was confirmation from Ripple itself. The bank was interested in utilising the RippleNet for faster transactions across the globe. RippleNet basically links all digital assets and transactions of a bank (in this case) such that transaction as transacted with lightning speed all over the world in real-time.
Long Term Goals For Standard Chartered With Ripple
Standard Chartered is working on expansions within the Asian region worth around $15 billion. The main areas of this expansion will be around Singapore and India. Thus, the announcement concerning the use of RippleNet will make much more sense now as the bank will now be seeking to increase the speed of all its cross-border transactions.
Most of the details concerning the use of RippleNet were much detailed in Standard Chartered Bank’s first quarter report for the year. From the look of things the adoption of blockchain-like technology by the bank is primarily because of the leadership of Bill Winters who is the bank’s present CEO. The report which was delivered by him highlighted on how the bank was beginning to give attention to innovation in technology to help them be up to the task in terms of delivering services to customers particularly in making payments across borders much better and faster. It was this same report which detailed the good news concerning the adoption of RippleNet for use sooner than later.
This isn’t the first time or bank Ripple has made successful negotiations with. It has successful agreements with Saudi Arabia’s central bank as well as institutions like Western Union and MoneyGram. With Standard Chartered, Ripple will allow for a centralised use of the RippleNet solution for the bank’s specialised purposes as opposed to most blockchains which are often decentralised.
However things may seem to be now, it is evident that the acceptance of blockchain based systems is becoming widespread and sooner than later maybe cryptocurrencies themselves. Let’s keep our fingers crossed and see what happens next with cryptocurrencies as both go hand in hand.
Images courtesy China Daily.
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