Ripple signed up another 10 banks, including BBVA, penetrating the traditional banking sector in a way other digital currencies have yet to do.
Ripple Labs continues to grow its client list with small and more substantial banks, engaging clients in the payment service provider market.
In its press release, Ripple lists the banks: MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com.
An interesting trend shown in the current list of clients is the addition of new payment service providers (PSPs). It shows that Blockchain related payments are efficiently entering the remittance market.
The press release describes the list of newcomers as “...some of the world’s largest banks, innovative payment service providers… More and more customers are turning to Ripple for cross-border payments.”
Ripple CEO Brad Garlinghouse is confident in the technology and views the customer base acceleration logical, stating:
“People know Ripple is the only Blockchain solution for payments that is proven in the real world and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”
Certain members are already aiming at commercial implementation, although no timeline has been indicated.
“We are very pleased to be working with Ripple to provide new types of payment services to change our customers’ experience using the power of Blockchain technology. To demonstrate our commitment, we are joining the Japan Bank Consortium to collaborate with other Japanese banks to move to the commercial use of Ripple’s global network.”
- Hirofumi Aihara, General Manager of Bank of Tokyo-Mitsubishi UFJ
XRP outlook positive
The majority of transactions are cross-border but within the same bank. An expected milestone will be when the banks start making Blockchain transactions happen between themselves and counterparties.
XRP experienced a large surge in price and market capitalization as 2017 has brought nothing but good news. Despite a rocky 2016 Ripple Labs seems to be back on track to growth and prosperity, having grown its staff to over 150 and counting.
The efficiency in both time and fees means that large scale adoption is a real possibility, while companies like SWIFT are finally taking this seriously.