Without any doubt, one of the most robust tokens in the crypto sphere right now is Ripple (XRP). At the moment of writing, Ripple is positioned at the third place in the market charts, coinmarketcap establishes the price of the coin at 0.59654 against the US dollar, with a volume of $308,576,000, and a decrease of 3.8% in value over the last 24 hours.
The token has managed to step solidly in the industry; thanks to the development of several partnerships that have granted the company with great popularity in the financial sector.
In this matter, Ripple has recently tested its platform RippleNet, showing remarkable results in the aspects of transaction speed, scalability, and cost reductions. The act was accompanied by essential corporations of the finance industry such as MUFG Bank, Ltd. (MUFG Bank), Mitsubishi Corporation (MC), Standard Chartered Bank (Standard Chartered), and Bank of Ayudhya PCL (Krungsri).
Each of the companies mentioned above announced on its webpage pointing the test and efficiency of the platform, a fact that very possibly will create a positive impact for the token in the near future. Let’s see how these endorsements can benefit the third largest coin in the industry:
The financial institution is an elite banking organization based in Japan, and with a presence in more than 50 countries across the globe. The company offers a considerable extension of product and services for businesses on a global scale.
MUFG bank is related to the Mitsubishi UFJ Financial Group, Inc. (MUFG), an organization with headquarters in Japan, and around 2000 locations in the world. It possesses at least 150,000 members and provides services related to the banking such as asset management, credit cards, securities, and leasing.
Krungsri is also a Mitsubishi UFJ Financial Group’s (MUFG) member, the largest financial organization in Japan. It has a 74-year trajectory and is currently among the top 5 organizations related to finance in Thailand. Krungsri offers as well banking-related services through 700 branches and at least 35,000 service points at a national scale. The firm Is the biggest card issuer of Thailand and the main supporter of Fintech projects in the region.
Mitsubishi Corporation (MC)
Mitsubishi Corporation was established back on July 1, 1954. As the company describes itself on its website, they are “engaged in a wide variety of activities on a global scale.” The company creates and market a broad repertory of products “including energy, metals, machinery, chemicals and living essentials”.
The same way, they are involved with different activities in the industry such as natural resources and infrastructure investment.
The Standard Chartered Bank is one of the biggest of the banking services with a 150 years trajectory in the industry. The company regularly moves in more than sixty markets of the sector, possessing at least one thousand branches and more than three thousand ATMs. Besides, the company is listed in different exchanges among we can name exchanges from Bombay, Hong Kong, and London.
The result of these relationships
In the frame of a recent test of RippleNet, alliances of these kinds represent a considerable possibility for the token to hit heights never seen before. And of course, these four are not the only partnerships that Ripple managed to make recently; these are just a few of the most important ones that can turn the things around for the coin quickly. However, more, such as the National Bank of Kuwait is already on Ripple’s boat too.
So, as the payment platform Ripple is developing gets added to these organizations to improve cross-border transactions at full, it, at the same time, will broaden the chances of Ripple relations with the fiat world, a fact that undoubtedly can change the future of the coin dramatically (in a positive way).
With these enormous successes, massives partnerships, we can even expect the Ripple (XRP) to take over Mastercard and Visa. Or perhaps, we could see Amazon teaming up with the Ripple for cross-borders payment soon? You never know.