Thirteen more financial institutions have joined the RippleNet, pushing the total number of companies on the network to 200. Five of these new entrants (JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank) will be using Ripple token (XRP) for liquidity.
Euro Exim Bank director Kaushik Punjani expressed his views regarding the partnership stating that previously, their customers (whether big corporates or individual remitters) faced restrictions and were unable to gain necessary funds or settling transactions on time. Moreover, cost-effectiveness was also a big issue. However, he claimed that now xCurrent and xRapid are working efficiently and hoped that these advancements would benefit their customers.
It is expected that positiveness around XRP is likely to increase as more and more government regulations come to the crypto market. Ripple is making efforts to make its native token a regulatory-compliant cryptocurrency, which in turn makes it bank-friendly.
However, it is important to note that still, the majority of the 200 companies joining the RippleNet would not be using XRP for liquidity. They tend to use only the settlement layer provided by RippleNet (Ripple’s enterprise blockchain), using the network of other institutions for the purpose of remittances.
In 2017, XRP saw a huge surge in its value (up to USD 3) but later shed as much as 90% of its value. Although the reports claims that XRP’s price is becoming stable (around 37 cents over the 24-hour period), the speculation and lack of trust may still persist.
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