The world’s largest and most powerful institutions are now embracing the blockchain technology after they realized that it’s just lines of code that will make easy accounting and record keeping.
In the early years, Ripple has been ignored a lot. Now the world is looking at blockchain technology. Many of them have come forward to establish blockchain technology. However, XRP has grown so much that many institutions are running Ripple software.
Institutes like PNC bank is using Ripple’s blockchain software to process international payments. Banco Santander, Spanish financial institution is already collecting revenue from One Pay FX, a blockchain-based foreign exchange service which is also built on Ripple technology.
Banks like Royal Bank of Canada and Bank of America are also looking forward to blockchain technology. Citibank along with Barclays to launch a blockchain app store. Also, Big banks like ING and BNP Paribas partnered to create a blockchain trade commodity network called Komgo. UBS has partnered with BNY Mellon, Deutsche Bank, and Santander to exchange digital cash.
World Bank, IMF, EU & Ripple XRP
Ripple partnerships with the top institutions is a strong sign of growth. In March 2019, xRapid, Ripple’s remittance product, was on World Bank’s official webpage. Moreover, the World Bank praised blockchain technology and XRP work.
Chris Larsen, the co-founder of Ripple, was selected to be one of the people to discuss with the IMF on how the technology can be used productively in financial activities.
The fact that IMF is considering Ripple and blockchain will take the financial industry in the future.
In April 2019, the EU Commission announced the launch of the Internation Association of Trusted Blockchain Applications (INATBA).
This is to bring startups, SMEs, policymakers, international organizations, and regulators together to support blockchain technologies in the process of becoming mainstream.
Ripple is one of the founding members of INATABA, and they are looking forward to being a leading participant.