The RippleNet network closed 2021 with payments in excess of $ 10 billion.
Founder of CryptoLaw John Deaton We share the news that Ripple’s blockchain technology is currently being used for cross-border payments by Canada’s top bank, CIBC. NAB, a partner of Ripple, one of Australia’s top four banks, states on its website that it is using Ripple’s blockchain network technology to partner with CIBC in Canada. CIBC is one of the world’s leading financial institutions based in Canada, with 11 million personal banks and business clients.
“We are excited to work with CIBC and have already partnered with CIBC to complete international payment transfers between banks as a proof of concept using Ripple’s blockchain technology.” Https: / /t.co/QyRCRBNyZe
— John E Deaton (@ JohnEDeaton1) March 20, 2022
“We are excited to work with CIBC and are already partnering with Ripple’s blockchain technology to complete international payment transfers between banks as a proof of concept. This is an important task as it not only provides, but also improves the security and efficiency of payment systems as well as real-time international payments. “
Ripple’s products near achieving “global coverage”
As U.Today previously reported, Ripple reports that its flagship On-Demand Liquidity (ODL) product is approaching “global coverage.” The service, formerly known as xRapid, is now operating in 22 destination markets, the report said.
The RippleNet network closed 2021 with payments in excess of $ 10 billion. In November, Ripple announced plans to launch a liquidity hub that would allow companies seamless access to numerous exchanges. Ripple is reported to be valued at around $ 15 billion after repurchasing shares from a Series C funding round in January.
According to a recent Ripple publication, more enterprise blockchain apps are integrating cryptocurrencies and other digital assets for operational and transactional purposes, highlighting the fact that crypto is approaching mainstream acceptance. doing. To fully realize this change, both financial institutions and businesses must first fully embrace technology by better understanding the usefulness of cryptography.
