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Mass Adoption Imminent?
RippleNet Adopted by Over 200 Companies
In a grand announcement in Ripple's blog, their team declared that a major milestone has been reached. RippleNet has been adopted by more than 200 financial institutions and banks. This is a major development and furthers the belief that cryptocurrencies and Ripple can replace the existing SWIFT transaction service currently used by most banks.
A Bit About Ripple
Ripple (XRP) is the 3rd largest cryptocurrency as by market cap currently. It aims at being more of institutional solution for international money transfers. It is criticized by some in the cryptocurrency community for being not fully decentralized and for cooperating with banks and financial institutions, which most cryptocurrencies intend to replace.
More on the Announcement
The long list of RippleNet's customers includes: Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento.
Most of RippleNet's clients use XRP for liquidity when sending international payments, which is quicker and cheaper than existing systems. Other clients that are not interested in XRP, make use of Ripple's technology & APIs.
"In 2018, nearly 100 financial institutions joined RippleNet, and we're now signing two sometimes three new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we're beginning to see more customers flip the switch and leverage XRP for on-demand liquidity," said Brad Garlinghouse, CEO of Ripple.
"At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world."
The Bottom Line
Ripple seems to thrive despite a rough bear market. Its adoption seems to be expanding among many financial institutes and banks. While it may not overtake Bitcoin anytime soon, Ripple's achievements are applaudable and improve the health of the cryptocurrency ecosystem. One can only wonder how well Ripple will do in a bull run market.