Ripple is growing its partnerships, integrating with SBI and Euro Exim

03 Feb, 2019
by Arthur Sillers
Ripple is growing its partnerships, integrating with SBI and Euro Exim

Ripple continues growing its partnerships with the global banking system, having recently successfully integrated its XRP based xRapid and xCurrent with a banking system for the first time in full.

According to an interview with Trade Finance Globe, the Euro Exim Bank has integrated Ripple’s products in order to develop cross-border payments. According to the bank’s head of compliance and operations, the institution has ;successfully implemented the xRapid system for customers requiring low value remittances in currencies and jurisdictions typically subject to large exchange costs, costly liquidity and delivery time and acceptance issues.’

Ripple also continues to grow new converts in its mission to corner the market on global payments, having recently developed a ‘strategic partnership’ with SBI Group, a huge Japanese financial corporation which has involvement in a number of growing technology sectors, according to AmbCrypto.

Utilizing Ripple’s XRP token, financial conglomerates like SBI and Euro Exim hope to minimize cost and timeliness of cross-border payments, which currently must go through the international SWIFT system. As cross border remittances of the type that these partnerships are hoping to establish become one of the most significant use-cases for cryptocurrency, Ripple is putting XRP in a position to be one of the more significant cryptocurrencies.

As Ripple’s ecosystem is growing so rapidly, criticism has come from many in the crypto community who see Ripple, and by extension XRP, as a centralized currency at odds with their vision for what successful crypto adoption would look like. Indeed, XRP is owned predominantly by Ripple, and Ripple’s integration with (and the continued success of) the global banking system, Ripple’s overall profits, and the success of XRP are tied up together.

In response, Ripple’s CTO, in the most recent Video Blog post released by Ripple, took pains to maintain that Ripple is ‘operationally decentralized’ in its ‘go-to ledger.’ The XRP ledger sits ‘on top’ of the XRP ecosystem, and the CTO David Schwartz went as far as claiming ‘by many measures, the XRP Ledger is more decentralized than Bitcoin.’

This is unlikely to quell concerns that many have about the cryptocurrency, but with the growing partnerships have with global financial institutions, it may become XRP’s public status will become increasingly irrelevant.

Read more: Face-Off between two giants, Ripple and SWIFT CEOs meet

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Read more about: Ripple (XRP)

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