Ripple Adds PNC to Client List Continuing Growth as They Near xRapid Launch

Ripple Adds PNC to Client List Continuing Growth as They Near xRapid Launch 1

Blockchain settlement startup, Ripple, has added PNC Financial Services Group to their list of clients utilizing their real-time cross border settlement systems in order to more efficiently process international payments.PNC will be using Ripple’s xCurrent system, which utilizes blockchain technology in order to quickly and cheaply process international payments. This system, however, does not utilize cryptocurrency, unlike Ripple’s xRapid system, which uses XRP to settle international payments.PNC’s move to utilize blockchain technology to process international transfers comes amidst a widespread movement for banks and financial institutions to switch to blockchain in order to stay competitive, and to transition away from the inefficiencies that are inherent with the current settlement systems.Ripple Facing Growing Competition as More Banks Turn to BlockchainAlthough Ripple is currently the go-to company for blockchain-based settlement systems, they are facing growing competition from major corporations, including IBM, who recently unveiled their World Wire cross-border payment solution.The new IBM product is very similar to Ripple’s, although their solutions are working off of the Stellar blockchain, which is very similar to XRP’s blockchain. Unlike Ripple, however, IBM’s product requires that financial institutions utilize cryptocurrencies of their choice to conduct the transfers, and they do not currently offer a system to compete with Ripple’s xCurrent, which is solely based on the blockchain and not on cryptocurrency.IBM describes the use of cryptocurrencies in their new system, saying:“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions…World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction. All transaction details are recorded onto an immutable blockchain for clearing.”Ripple’s xRapid Nearing LaunchAlthough the majority of Ripple’s clients are currently signed on to use, or in trials with, xCurrent, the company is launching its xRapid product in the coming months and is hoping to eventually move their xCurrent clients to xRapid.Ripple’s senior vice president for product management, Asheesh Birla, spoke about the use of xRapid, saying that “Banks aren’t going to be the first adopters of xRapid,” and further adding that xCurrent is “a way to get their toe into the water.”Ripple has already signed on multiple major companies and institutions to trial with xRapid, including Santander Bank, Money Gram, Western Union, and SBI Japan, but it is unclear how many of these corporations will use the product after its official launch in the coming months.According to Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, the company has already signed on more than 120 banks and financial institutions to use their xCurrent system. It is unclear how the growing competition will affect the number of clients Ripple gains.Featured image from Shutterstock.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,507.00
ethereum
Ethereum (ETH) $ 4,147.65
binance-coin
Binance Coin (BNB) $ 486.55
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 196.17
xrp
XRP (XRP) $ 1.09
polkadot
Polkadot (DOT) $ 43.94
dogecoin
Dogecoin (DOGE) $ 0.252026
usd-coin
USD Coin (USDC) $ 1.01
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,507.00
ethereumEthereum (ETH)
$ 4,147.65
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 629.09
litecoinLitecoin (LTC)
$ 198.58
bitcoinBitcoin (BTC)
52.820,67
ethereumEthereum (ETH)
3.561,90
tetherTether (USDT)
0,867363
bitcoin-cashBitcoin Cash (BCH)
540,25
litecoinLitecoin (LTC)
170,54
bitcoinBitcoin (BTC)
44,634.09
ethereumEthereum (ETH)
3,009.85
tetherTether (USDT)
0.732932
bitcoin-cashBitcoin Cash (BCH)
456.51
litecoinLitecoin (LTC)
144.10

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
--- --- --- ---
--- --- --- ---
--- --- --- ---
Tether0.9986 0.03 % 0.08 % 0.23 %
--- --- --- ---
--- --- --- ---
--- --- --- ---
Polkadot30.87 2.19 % 17.29 % 10.73 %
--- --- --- ---
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 61,507.00
ethereum
Ethereum (ETH) $ 4,147.65
binance-coin
Binance Coin (BNB) $ 486.55
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 196.17
xrp
XRP (XRP) $ 1.09
polkadot
Polkadot (DOT) $ 43.94
dogecoin
Dogecoin (DOGE) $ 0.252026
usd-coin
USD Coin (USDC) $ 1.01