Cryptocurrencies’ fight for survival and relevancy itself bears more fruit with every passing day, and according to some experts, this will likely continue. Not only that, but leaders from institutions such as Mercury FX, Euro Exim Bank, and TransferGo recently gathered in London at the Ripple Regional event, discussing why this is the case.
According to them, more and more institutions will start turning to cryptocurrency in the near future, with even banks slowly losing the option to choose. After they start understanding the potential benefits of going crypto, they will have no other choice but to join the ever-growing group of crypto-friendly banks. And, which cryptocurrency is going to benefit the most, according to them? XRP.
Why banks have to turn to Ripple and XRP
According to Euro Exim Bank’s head of Compliance and Operations, Graham Bright, Ripple products may crucial for the banks to remain relevant in the future. Bright spoke of their effectiveness, stating that Euro Exim has set up a goal of making sure that their customers can get reliable, fast, and trusted service, which is also secure. He also pointed out that all of these points can be achieved by simply implementing blockchain technology.
Numerous banks around the world have already adopted Ripple’s XRP-fueled xRapid, which helped expand their businesses and improve the quality of their services. Examples of this can be observed in numerous areas of Africa and East Asia. The old technology that banks are still using for moving funds is costly and slow, which makes it obsolete in the rapidly advancing era of blockchain and crypto.
Bright stated that Euro Exim chose to turn to xRapid early in order to move funds “as quickly and as cost-effectively as possible.” This is what allowed Euro Exim to increase its own international business.
Euro EXIM Bank
❶ Velocity: Speed of transmission & settlement
❷ Volume: Low value, High Volume
❸ Veracity: Real-time finality of payments & rates
❹ Value: Buy/sell with full transaction visibility & without price changehttps://t.co/kWWyFCjhHD @GiantGox @haydentiff pic.twitter.com/WYPsbr0y1E
— Dr. T ㊙️⚡️ (@XRPTrump) February 21, 2019
Blockchain adoption is on the horizon
Alastair Constance, the CEO of Mercury FX, also spoke at the conference, stating that the xRapid-based payments are a lot faster and a lot cheaper than they would be if they were sent through the old system, SWIFT. However, the advantage of turning to Ripple and its products goes beyond speed and transaction costs — it also allows businesses to reach markets that were previously inaccessible.
Constance also explained how Mercury FX entered blockchain trials unsure of what to expect. The results amazed the company when it realized the potential of using Ripple technology combined with XRP cryptocurrency.
Ripple itself has been claiming that there is huge potential in this tech for a long time now, and the company expects that others will come to the same conclusion as they, Mercury FX, and others, in following years.
The demand for swift cross-border payments is constantly on the rise, with companies and individuals alike searching for ways to send payments quickly and cheaply. What’s more, sending payments via xRapid would eliminate the need for third parties, which is significantly lowering payment fees. The only conclusion is that the search and demand for blockchain-based solutions is about to skyrocket, with Ripple and XRP being at the center of the explosion.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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