Ripple, the third largest cryptocurrency by market capitalization, is expanding on all fronts. The latest additions to the Ripple network include the Bill Gates Foundation, the Liquid exchange announcing support for XRP, PayCent integrating XRP, Omni Announcing XRP cashout, and Moneynetint joining RippleNet.
New Ripple Network members
The Bill Gates Foundation intends to use the Ripple Network to reach countries with a poor payment infrastructure. On an October 17th Twitter post, the principal technologist of the foundation announced that – “We are partnering w/ @ripple and @coil to implement the #Interledger Protocol & explore ways #Mojaloop can support pro-poor payment systems. #githubuniverse”. The Bill Gates Foundation is already in a partnership with Ripple, but this recent announcement amounts to an extension of the partnership with new technologies.
The Moneynetint partnership is also quite significant. Moneynetint is a UK-based foreign exchange provider mainly for corporate clients. Speaking on the benefits of Ripple, Moneynetint CEO Yishay Trif indicated that –“With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple-end users. Connecting to banks that implemented the system is also much easier now. The speed of data transfer is amazing. A transaction can go through in an amazing pace”.
Omni is a sharing economy platform which Ripple has previously invested in. The sharing platform allows assets to be rented and cash can be withdrawn in either USD or XRP. PayCent is a Singapore based mobile wallet application that recently announced XRP integration and Liquid is a cryptocurrency exchange which now accepts XRP. The Liquid announcement was made on the same date as the Bill Gates Foundation announcement –
“Later this week we will enable $XRP for margin trading and lending on http://Liquid.com.
XRP/JPY, XRP/USD, XRP/SGD and XRP/EUR will all be available to margin traders, who can make use of our 25x leverage, while lenders can earn daily interest on their holdings.”
Expanding on all Fronts
Hardly a day goes by that more Ripple news does not emerge, and it is getting hard to keep track of their swift progress. Banco Santander, the second biggest bank in Europe by market capitalization, recently announced that it would be using the Ripple Network to facilitate cross-border transactions. Japanese financial conglomerate SBI Holdings are also heavily invested in Ripple, integrating Ripple products into their financial services. XRP can now serve as collateral for loans up to USD 2 Million using the Nexo loan services platform.
The only place where Ripple is having a difficult time appears to be the USA, where Coinbase has been reluctant to list the coin due to its potential status as a security, while surprisingly listing the ZRX token. Ripple also hosts a prestigious Swell conference with keynote speakers including President Bill Clinton and Ben Bernanke.
Ripple is designed primarily as a settlement system for large institutions. Using XRP as a reserve currency, transactions of all kinds can be settled incredibly quickly and for an extremely low cost. Ripple is one of the fastest cryptocurrencies with real-world applications, though it has come under criticism because 60% of the XRP tokens are owned by a centralized corporation.