Ripple (XRP) is one of the most popular digital currency in the crypto space. In fact, it is the third most valuable digital currency in the world by market cap. The digital currency is very popular and the blockchain project is well-known for its cheap and quick cross-border payment solutions. This is one of the major reasons why a lot of financial institutions are using its products.
Ripple (XRP) Has Found a Rival
The blockchain project has found a new rival in the payment industry, and the rival is we.trade. We.trade functions on Hyperledger Fabric (HF) and it is an IBM international fund transfer platform (based on blockchain tech) that is designed to enhance the efficiency and speed of international financial settlements.
The Consortium of We.trade
The consortium of we.trade is made up of financial institutions such as HSBC, Deutsche Bank, UniCredit, Societe General, Santander, Rabobank, Nordea, Natixis, and KBC. The platform uses smart contracts to enhance the transparency for open account trade transactions.
The CEO of we.trade – Robert Mancone said: “these transactions show that the platform is a commercially viable and robust proposition. The next thing is to get buy-in from more financial institutions and clients in Europe and beyond.
The we.trade product is aimed at handling the whole process of order-to-payment, and this includes order placements, selection of payment terms, execution of contracts and the real payment itself.
What Will Make Ripple to Stand Out
The we.trade platform lacks one thing, and that is liquidity. The we.trade product doesn’t have a liquidity solution. Ripple offers on-demand liquidity for international settlements, completely eliminating the need for pre-existing liquidity pools.
Furthermore, transactions that are using the xRapid product of Ripple are settled in a matter of minutes, and this can also save up to 70 percent of transaction cost. Ripple has been outstanding since its arrival, and this rival might just be a stepping stone for the blockchain project.