Ripple has been on a global campaign to overtake the traditional cross-border payment methods in existence. So far, the venture has made commendable progress. Ripple recently announced that it is ready to establish an XRP payment system that will power cross-border payments between Japan and Brazil. The announcement was posted on the official Ripple handle yesterday. The new cross-border digital service Japan and Brazil is about to experience has been achieved thanks to the effort of Ripple’s representatives to make blockchain technology the heart of FinTech.
The Twitter post was as follows:
“@Bradesco & @btmu_official are trying to leverage the Ripple blockchain technology to develop a new cross-border payment service between Brazil and Japan”.
MUFG Bank Ltd also released a document on the news. MUFG is the principal banking unit of Mitsubishi, the well-known Japanese financial group. It stated that it’s subsidiary, Banco MUFG Brasil S.A., has signed an MoU with Banco Bradesco S.A. in a bid to create a new cross-border payment service between Brazil and Japan.
XRP (XRP) Price Today – XRP / USD
Ripple will power the technological advancements of this service using its blockchain. Ripple has also designed the payment system to make it faster, more traceable and more transparent. This has always been the goal of Ripple.
This isn’t the first time Bradesco and MUFG Bank are collaborating. The memorandum of understanding is a continuation of an already existing partnership between both parties that was initiated last year. If RippleNet starts acting as a tool for cross-border payments between, this would most likely cause a disruptive change in the industry. Don’t forget the effect it will have on XRP in the market.
Already, members of the XRP community are expressing their opinions about this project. One XRP investor, Alex Cobb had this to say:
“This is a perfect corridor for xRapid utility. I am a proud Mitsubishi owner”.
Another enthusiast, Nerve2tweet, said:
“Are they using $XRP?? XRP holders will not benefit from the xCurrent protocol. The only time we will benefit is when XRapid starts transferring XRP”.
XRP (XRP) Price Analysis
At the time of writing, XRP was trading at $0.505656. This shows that it is up by 0.39% against the USD but down by 0.14% against Bitcoin. The trading volume over a 24 hour period is $304,342,033 and the market capitalization is $20,330,159,791. The next few days of trading will determine if the price action will change or not.