Since its inception in 2014, Ripple has been making steady progress toward achieving its goal of becoming the standard for cross-border payments and remittances, and establishing itself as the first true example of mainstream blockchain adoption.
In fact, the distributed ledger start-up just signed 9 additional users (Now over 100) for its global payment network, RippleNet.
Note: RippleNet is Ripple’s primary blockchain network which allows banks and financial institutions to perform high-speed and low-cost global remittances (More than 50% less costly in some cases, and payments settle in 4 seconds compared to the traditional 3–5 days).
Announced today, new members of Ripple’s consortium include Bexs Banco de Cambio, a processing service for international payments, and dLocal, the sole payment service provider of Uber and GoDaddy. Other companies now entering the network’s 100+ members include Currencies Direct, IFX, TransferGo, Credit Agricole, Krungsri, and Rakbank.
In statements following the announcement, Ripple verbally strayed from positioning the group as simply another blockchain consortium, claiming that its clients are already in the process of performing live implementations of their products, and are utilizing them for real business purposes.
For instance, Cuallix, a non-bank payments service, will be their first partner to adopt XRP for mainstream usage. Due to its high-efficiency, the company plans to utilize the token for fund transfers between the US and Mexico.
“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience.” — Brad Garlinghouse, CEO of Ripple.
These new members are joining at a time when Ripple is actively pursuing partnerships with world-leading financial institutions while taking a more specified approach toward differentiating its products and services.
Conclusion
While traditional crypto advocates have come to despise Ripple due to its association with banks, this doesn’t disregard the fact that Ripple truly is one of the few blockchain firms experiencing corporate attention and mainstream adoption.
In fact, later this month, Ripple will be hosting its first major conference (featuring the former chairmen of the federal reserve, Dr. Ben Bernanke, and inventor of the world-wide-web, Sir Tim Berners-Lee), SWELL, aimed at bringing the world financial leaders together to network and discuss trends and strategies.
This event is expected to serve as a major catalyst to drive Ripple farther down the road toward true advancement, progression, and adoption.
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