Ripple Has Officially Signed 100+ Contracts As It Continues Adding Partners

Ripple has officially signed over 100 contracts with banks and other financial institutions according to Ripple co-founder Chris Larsen.

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Ripple continues to lead the blockchain revolution among banks in a very competitive industry.

Co-founder and executive chairman of Ripple, Chris Larsen has announced that the project has officially signed “100+” product contracts with financial institutions of every nature.

These partnerships do not necessarily imply that Ripple’s XRP token will be used more as most Ripple services operate independently from the token.

Ripple has signed 100+ product contracts

Chris Larsen made the announcement at the Crypto Finance Conference at Half Moon Bay, California.

A signed product contract essentially means those companies are not only testing Ripple’s technology but are also committed to commercially integrating one or more of Ripple’s products in the future.

Ripple which currently offers a wide range of services for the partners is particularly famous for its payment solutions, xRapid, and xCurrent.

Growth of Ripple

Despite a lack of support from the crypto community, Ripple is one of the blockchain projects that continues to grow rapidly.

Ripple’s CEO, Brad Garlinghouse, informed the press recently that company is now signing a production contract per week.

“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So we’re seeing that momentum build.”

The companies turning to Ripple are doing so largely to leverage the improved efficiency offered the blockchain technology, and also to make use of Ripple’s blockchain solutions which makes transaction even better.

Ripple’s payment solutions are designed fundamentally to reduce the transaction cost and also to enhance the tracking and the speed, with xRapid being the most adopted solution for cross-border transactions.

Asheesh Birla, the Senior Vice President and Product Manager at Ripple, announced that the xRapid product improved transaction times and reduced costs by between 40% and 70%.

TransferGo to use Ripple’s technology

TransferGo, one of the biggest payments platform has announced a real-time payments corridor for India, the world’s biggest remittance receiver, using Ripple’s blockchain technology.

TransferGo NOW, the newly launched service will make it possible for customers to instantly transfer funds from Europe to India using Ripple’s blockchain technology.

The company however did not reveal the particular Ripple’s blockchain products it will be using for the real-time payments service.

Daumantas Dvilinskas, TransferGo’s founder and CEO stated:

“By using Ripple’s REVOLUTIONARY blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”

The announcement comes not long after the co-founder of Ripple announced that the network has signed over a hundred contacts with companies, payments providers, banks and remittance operators – even a central bank.

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