Well-known partners of Ripple: who uses the “third cryptocurrency” today
Ripple is one of the most successful cryptocurrency payment services and its XRP token is among the most high-priced currencies. It managed to outpace Ethereum in terms of capitalization in December and to take the second place. Currently, it holds the third position in rankings. Despite the critics of Ripple, many investors see the potential in the company, as several major international organizations work with it today.
Ripple’s growth dynamics
In 2017, Ripple token grew in price by around 35500% from $0.006 to $2.16, and its capitalization has grown from $18 to $613 billion.
Ripple's advantage over traditional payment systems is that transactions take fractions of a second to process and do not require high fees, as no intermediary (bank) is engaged. Ripple can process up to 1500 transactions per second, which is more than any modern cryptocurrency can do. That is why five large companies use Ripple’s blockchain payments today.
American Express. The company plans to launch AmEx FX International Payment network based on Ripple’s blockchain, intended for non-card cross-border payments. It’s a joint pilot project of the companies. It’s expected that blockchain will speed up the processing of cross-border transactions. If the experiment runs successfully, American Express will implement Ripple in other types of international money transfers. The third partner in this experiment is the Spanish bank Banco Santander, which has many divisions in Europe.
MoneyGram International. This money transfer service also wants to use blockchain to expedite and lower the cost of transactions. Ripple allows users to convert dollars into tokens almost instantaneously, sending them to any country of the world in fractions of a second, as well as to exchange tokens for local currency. The project of MoneyGram and Ripple also has the status of an experiment for now.
Deloitte, one of the world’s largest private accounting companies. The project of integrating Ripple and Temenos Core Banking software was launched in 2016. More than 1000 companies around the world use this software. Blockchain developer Bluzelle also takes part in the project.
SBI Holdings, subsidiary of SBI Group, is the largest online securities exchange in Japan. The company is implementing the most promising joint project with Ripple: its digital assets exchange platform will use XPR tokens only. SBI Holdings also plans to test Ripple for money transfers between South Korean and Japanese banks.
Experts believe that Ripple’s network of partners will keep growing and great news about the cryptocurrency can be expected in 2018.