Saudi Arabia's National Commercial Bank Imitates Central Bank; Joins RippleNet

25 Setiembre, 2018, 04:52 | Author: Arnold Perez
  • Ripple Welcomes PNC Bank into RippleNet

By gaining access to Ripple's ultra-fast cross-border payment system, PNC Bank will be able to avail its customers of cheap and high-speed worldwide payments which cost exponentially less than alternative money transfer methods and use on average only three seconds to confirm a transaction. He notes that Australia, the Philippines, and Thailand all consider XRP a commodity.

The news of xRapid to enter the market in the next month or so has the XRP price surging so high in so little time.

Explaining the reasoning behind these four additions, Agarwalla explained that the now-well-established fintech company used its "Circle Asset Framework", which can be likened to Coinbase's policy on crypto assets under a similar name, to access a list of cryptocurrencies that investors would be interested in allocating capital to. After a massive short-term rally, Bitcoin has retraced slightly, leading other major cryptocurrencies to fall by 3 to 5 percent.

Sagar Sarbhai, Ripple Labs' head of regulatory relations for Asia-Pacific and the Middle East, made the comments during an interview earlier this week.

But now, things suddenly looked good for Ripple in the last 24 hours. A Ripple spokeswoman said Thursday that there isn't an official commercial release timeline at this point. Nevertheless, they have the option of using the company's xRapid software solution to leverage XRP as their bridge currency, saving up to 70% of their costs as many pilot projects have shown. At the end of June, the XRP price was roughly $0.54.

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As explained by Ripple CEO Brag Garlinghouse, xCurrent solves the "messaging and settlement process" to allow real-time transactions between institutions. The use of an underlying cryptocurrency as part of a cross-border payments solution for conventional banks represents a new departure.

"Quite a few payment providers have joined RippleNet recently, so it's great to see one of the major USA banks come on board as well". Using the xRapid platform, banks and payment processors can convert funds into XRP tokens and then send them to other users in a matter of seconds. Detractors also allege that Ripple will never become mainstream. Coil is a payment system that promises to speed up blockchain transactions for Ripple and make microtransactions efficient. One XRP coin can now be bought for approximately $0.56 or 0.00008410 BTC on popular cryptocurrency exchanges including Coinsquare, Koineks, C2CX and Bitinka. Another issue is that there is a need for improving services, or they risk becoming less relevant in the worldwide payment markets.

One of the worst performing cryptocurrencies this year is making a comeback. He also added that "What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction".

Birla said it is "exciting" to see Ripple's efforts begin to be be implemented, particularly in emerging and under-served markets.

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