With Ripple’s remittance platform making waves all over the world, more and more banks are adopting it.
One of Thailand’s most popular banking establishments, the Siam Commercial Bank (SCB), recently announced that it will be adding Pound and Euro support to its remittance solutions, powered by Ripple.
The SCB has already piloted Ripple’s remittance solutions in Japanese Yen, but that service is still in the Bank of Thailand’s regulatory sandbox.
As the testing for the service had begun last June, the SCB hopes that it will be greenlighted for retail operations soon. If the SCB adds new currencies to the mix, then it will not need to go through the sandbox again since the only difference the addition would have are the currencies, with the method of operations remaining the same.
If everything goes well, then the customers for SCB would soon be able to take advantage of Ripple’s fast and more economical transactions in Pound and Euro, with the bank also enjoying the process, given the extremely cost effective solutions that Ripple provides as compared to conventional methods of processing remittances.
With the Thai Bank utilizing Ripple and it’s blockchain technology to power remittances of prominent fiat currencies like the Euro and and Pound, that adds another partner to team Ripple. As many banking and remittance partners like Western Union, Moneygram and others works with Ripple to pilot and utilize the platform further for the potential improvement of their services, the strength of Ripple, the company grows. The company that is Ripple, grows to becoming more entrenched with the members of the current financial system. Members that are approved, regulated and in line with central banks. It seems that Ripple is taking a sort of top down approach to their path to potential world dominance, they are meeting with central banks, working with consortiums and adding more banks to their corner in countries across the world.
Furthermore, the team at Ripple is seeking to add more partners to its ecosystem.
Brad Garlinghouse has stated that the team over at Ripple is interested in staying focused on improving their product but understand the importance of working with entities that are seeking to utilize the XRP cryptocurrencies in several ways.
“We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways.
According to Jon Russell of Techcrunch Garlinghouse said that Omni, a San Francisco-based startup that offers storage and rental services for goods, is a blueprint for that plan. Ripple and two of its executives led a $25 million investment in Omni in January and the startup has agreed to introduce XRP within its service.
“You should expect that you’ll see more of those,” Garlinghouse said.
Ripple has not stayed silent on the matter of regulations either. They have just recently issued a document entitled Virtual Currency Regulation: Addressing Risk While Preserving Innovation.
Ripple seems to be laying down all the building blocks to be able to thrive in an uncertain environment, regulation, investments, partners, and more. It is certain that Ripple, the company will survive as they are compliant and providing services that matter to existing customers, yet, will XRP have a higher utilization rate and increased value as the years progress?