The Ripple project has been complex right from the beginning. It involves using the blockchain technology from Ripple’s lap to enable cheap and fast international transactions effectively. It also has to do with the cryptocurrency known as XRP. The XRP and its blockchain was never created for retail purposes. The Ripple team made it specifically for banks and financial institutions around the world and it is now being adopted globally.
Sometime ago, Ripple made a deal with Banco Santander. The global financial institution announced that it would be adopting the Ripple xCurrent platform for performing international transactions. As if this wasn’t enough good news, the Bank of America may be following suit soon.
Although the news hasn’t been announced officially yet, there are claims on Reddit that the partnership is going to be official soon. The poster claimed that the text was a piece of document from a presentation. The content is as follows:
“Ripple offers an opportunity to dramatically reduce the complexity attached to transactions and allow its partners eliminate errors and standardize data protocol formats as well as reconcile data through the ripple blockchain. The aim is to create the environment for efficient cross-currency payments by eliminating multiple costs, reducing settlement times and offering transparency over fees, FX and shared data.”
Although there is no official announcement that the Bank of America will adopt Ripple, it’s possible that they may be preparing to embrace blockchain technology. The blockchain can be used for international transactions in place of the typical slow, error prone and expensive SWIFT system.
Whether or not the rumors are true, Ripple is already prepared to abandon the SWIFT payment system. With over one hundred banks and financial institutions adopting Ripple, there is no telling how far the blockchain will go. If the Bank of America comes on board, other institutions will simply follow.
Ripple is cheap now, so, this is the best time to accumulate it in your portfolio. When the price rises, you’ll start gaining.