During an interview with CNBC, Brad Garlinghouse, CEO or Ripple, he said that the future of Ripple is bright as many banks will use the XRP register by the end of 2019. The XRP registry is an open code base. source that can be used over 1,500 transactions in every second. Requires the XRP coin.
This is not the first time that Garlinghouse talks about Ripple. During another interview at the Money 20/20 conference, Garlinghouse got to grips with Ripple. He said:
"I've said before that by the end of 2019 the xRapid registry will be a significant tool in banks all over the world.Before 2019 comes to an end, I think dozens of banks will embrace Ripple."
Ripple will be adopted by banks shortly
One of the projects the company is working on is to provide liquidity solutions for financial institutions that enable them to make cross-border payments more quickly, transparently and economically than traditional methods. The xRapid project is one of the proposed solutions. This system has been developed for institutions that are reaching emerging markets. Improve cheaper and faster transactions.
The system filters third-party collections for the most competitive options. After the money has been converted into XRP, it will be converted into any currency requested by the recipient.
The system depends on scalability and speed, so transactions are completed within minutes at the national level, while cross-border transactions may take 2 to 3 days for remittances of high amount.
Regarding the price of Ripple, Garlinghouse said:
"The industry is nascent and speculation is what dominates the action of the market.In the time, people will understand the unique cases of use.Bitcoin will be a panacea as people suspect it will be. Bitcoin would solve several problems, with different types of blockchain and master being created every day. "
Will Garlinghouse's prediction come true? Will Ripple be adopted by several banks by the end of next year? Will this adoption affect the price of Ripple?
Even though the crypto market is looking for a fund, Ripple continues to make big moves around the world. The company recently made a move to Israel, entering into a partnership with the fifth largest financial institution in the world and the largest bank in Israel, GMT. This is all in an attempt to revive the financial sector and consolidate the company's dominance in the region.
GMT published a public announcement stating that both companies share a similar philosophy and this has helped them to reach mutually beneficial conditions after discussing in detail. Part of the announcement was as follows:
"After a long and precise discussion process, GMT decided to choose Ripple, working with Ripple and its partners, we will contribute to the creation of a global financial system that uses high-quality values and technologies that are accessible and transparent".
"GMT is joining plants such as CIBC, MoneyGram, AKBANK, MoneyGram and many others that have already started using the Ripple platform, and with this partnership, GMT will establish its place at the forefront of the FinTech industry in Israel. also in close contact with some of the world's leading companies. "
AkBank In Turkey starts using Ripple technology
While Ripple cemented its relationship with financial institutions in Israel, it is also making moves in Turkey. One of the main Turkish banks, AkBank, has just started to use Ripple's xRapid technology. Although the launch of the technology has just been announced, the project has been running for over 12 months.
Will XRP get an increase in the price?
Normally, the effect of this partnership on the price of XRP will be visible if the partnership uses the XRP token. Nevertheless it will be very important to promote the adoption of Ripple technology. The effect on price will only be visible at the end of the bear market.