Amore Finance is a startup that provides banking solutions for companies and individuals. The platform is located in the Czech Republic and has recently made a big move by collaborating with Ripple to join its growing network of banks known as RippleNet. Furthermore, a report emerged that the partnership was in collaboration with Cleverlance, another technology company in the Czech Republic.
Ripple launched RippleNet in an attempt to solve existing problems related to cross-border payments, including real-time payment solutions and low transaction fees. The network of banks, financial institutions, software providers, mobile portfolios and many others use Ripple's solutions so that they can experience transactions through individual agreements around the world.
Amore Finance is the country's first financial startup to join the Ripple network. Those using the platform can enjoy fast and cheap transactions without error rates. Another important member of RippleNet is MUFG, a large bank.
On Twitter, one user commented
"My head is spinning from all these bank banks!" Another has also affirmed, "It goes on and on.
Recently, the platform released its Q3 report, which revealed that it sold over $ 163 million in XRP and that institutional direct sales rose by around 500 percent to $ 98.06 million from $ 16.87 million in second quarter.
Ripple issued a report, noting:
"XRP II <LLC – a subsidiary of Ripple which is a registered and licensed monetary services company (MSB) – has sold $ 98.06 million in direct institutional sales".
Furthermore, programmatic sales have also increased significantly in recent months. The company also released 3 billion XRP from the deposit.