Ripple and XRP, the dynamic duo is trying to take over the global payment system which has been outdated for more than four decades.
Ever since the start, Ripple has aimed to revolutionize the financial sector, make it easier to process cross-border payments or even the remittance industry.
With the crypto-frenzy of 2017 coming to an end, the price of XRP had reached lows causing a lot of investors to panic and cash out of their investments despite Ripple’s plans remaining the same.
Speaking with CNBC, Brad Garlinghouse acknowledged how this was true but also confirmed how the XRP community is still hyped about the platform and the features that they plan to bring to the cryptocurrency space. Brad stated:
“People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space… There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.”
Moreover, with the recent addition of 13 partners, Ripple even announced that their partnerships with financial institutions and banks had exceeded more than 200.
Garlinghouse confirmed that a few of the banks that they partnered with are on board for leveraging XRP to source liquidity on-demand for processing payments, which implies that xRapid is officially being used by some banks.
Some partners decided to use Ripple’s other solutions and APIs to get near-instant settlements so as to comply with regulations. Ripple, now operates in more than 40 countries with successful partnerships.
A Twitter user, @alexcobb tweeted:
“Today the XRP community received some very good news. We now have 5 more institutions that will be leveraging XRP for cross border payments,