Ripple has been on fire lately, not necessarily in terms of price when compared to Bitcoin or others, but in terms of action. Many new developments, partnerships and updates have been announced recently.
Since the start of this month, we’ve seen a flurry of activity from the team, many large financial institutions and banks have joined ripple. Their price jumped when there was an announcement that they would be working with AMEX and Santander on payments as well as their interesting meetings with the central banks. At the time of the AMEX announcement, ripple did see it’s prices shoot up at least 24% in an hour, at a certain point. Investors were simply shocked that Ripple had tied in with such a giant in the financial sphere.
Chartered Bank & Axis Connection – Ripple News
The company continues it’s growth with the addition of an international payments channel between Standard Chartered Bank and Axis Bank India. This real-time settlement network is very similar to the arrangement that they have between AMEX and Santander UK operations. The ends are the same, cost reduction and an increase in the speed of transactions.
The banks are seeking to connect corporates between Singapore and India – with Standard Chartered’s Straight2Bank system. According to Standard Charter’s release, the platform will allow users to see all fees up front, pre-validate transactions and thereby more quickly settle them. The banks will not be using XRP to conduct the facilitation just the other aspects of the Ripple platform.
An interesting note is that this was one of the backers of Ripple in being a part of it’s $55 million Series B round that took place in 2016.
Gautam Jain, the managing director and global head of client access for Standard Chartered, stated that:
“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”
Ripple for their part, stated:
“These three major banks use Ripple’s leading enterprise-blockchain solution to power real-time, on-demand corporate payments from Standard Chartered to Axis Bank, and retail remittance payments from RAKBANK to Axis Bank beneficiaries. Now, live payments are completed in just minutes — with the certainty of settlement.”
Ron Will Addition
Ripple will also be adding Ron Will as their Chief Financial Officer, Ron brings with him about 30 years of experience in the in investment banking industry and has been focusing his time on scaling startups.
He remarked that he is looking forward to the creative ways Ripple can use the XRP coin to accelerate RippleNet. He knows that since this is the only “enterprise-grade digital asset that’s catered for institutional use” , it gives them an edge and a differentiation.
I’m looking forward to the creative ways Ripple can use XRP to accelerate RippleNet. The fact that it’s the only enterprise-grade digital asset that’s best suited for institutional use, makes it a differentiation in the market.
Will has a notable resume as he’s served with various companies working on many acquisitions, has been with a treasury group through the downturn of 2008 and has built out much of the foreign exchange hedging structure.
HUOBI & ZB.COM
The CEO of Ripple excitedly announced on twitter ‘Holiday, schmoliday! Team Ripple is absolutely committed to building XRP liquidity – and in that context. @HUOBI_Pro (3rd largest exchange in China) is listing XRP / BTC tomorrow !”
Now, they have just received support from a prominent Chinese Crypto exchange ZB.Com, recently opened on November 1st.
The announcement states that XRP/USD and XRP/BTC transactions are going to start from 12:00 AM from November 21ST.
The exchange explicitly states that they will not deal in any of the Chinese currencies because of RMB ban of the last month.
These updates are important because it shows that Ripple is aggressively and strategically working to fit all the pieces of the puzzle together as they build for the long term.
They continuously add partners and provide the infrastructure for more banks and cross border payments.
They are making the right decisions when it comes to team and what they can bring from a strategic as well as an execution standpoint.
Lastly, they are building on the side of XRP, providing for more liquidity with the further listings.