- New banking giant joins RippleNet joining the institutions using Ripple’s technology.
- Faysal Bank is the first Pakistan-based bank to join RippleNet.
- Ripple is still under pressure from the XRP community.
Ripple News Today – When it comes to sealing strategic partnerships, no one can deny the fact that Ripple has made a lot of progress. Over the last few months, even as the price of XRP fell, the company still managed to convince new legacy institutions to join RippleNet and use its technology to enhance their services. Yesterday, Ripple announced that one of the largest banks in Pakistan, Faysal Bank Limited (FBL) has joined the RippleNet family. The banks CIO, Dato Arif Siddiqui confirmed the partnership.
RippleNet Welcomes One Of The Largest Banks In Pakistan To The Family
According to Dato Arif Siddiqui, the deal with Ripple will make it easier for Pakistanis living outside the country to send money to their loved ones in Pakistan using a cheaper and faster method than what is currently available. Thanks to the partnership, the bank would use Ripple’s xCurrent technology. xCurrent is Ripple’s technology for cross-border messaging. It doesn’t require XRP as liquidity just like xRapid.
Right now, more than 250 companies have joined RippleNet with more signing up every day. The bank held a ceremony to officially announce its new partnership with Ripple. The CEO of the bank, Yousaf Hussain led the ceremony. The announcement on Twitter was as follows;
“Ripple has been making strides in the MENA region, which is known for its vast wealth, for quite a while. As reported by U.Today, the San Francisco-based startup earlier teamed up with the National Bank of Kuwait (NBK).”
Last week, as reported by smarttest.wpmudev.host, RippleNet welcomed its first-ever American-based financial institution. Just like Faysal Bank, this bank will be using Ripple’s xCurrent protocol to power cross-border transactions.
XRP (XRP) Price Today – XRP / USD
In other news, Ripple is still under a lot of your pressure from the XRP community due to the poor performance of the XRP token. Over the last few months, XRP has declined significantly against the USD falling below its 2018 support levels. Members of the XRP community believe that the decline is as a direct result of Ripple’s sale of XRP tokens. Brad Garlinghouse said that Ripple’s sale of XRP tokens is vital for improving the ecosystem and promoting adoption.
Despite all the partnerships that Ripple has sealed in the last few months, the price of the token still hasn’t recovered. This is primarily because the partnerships involve the use of xCurrent rather than xRapid. Two days ago, a member of the XRP community opened a petition to get Ripple to use more XRP to promote the adoption of the token. This is contrary to a petition that another member of the community opened to stop Ripple from selling XRP.