The cryptography market is experiencing a huge downward trend at the moment. The fall in prices in the market started after the hard fork of Bitcoin Cash (BCH). However, in the midst of the clash, XRP and Ripple Inc. advance further, taking the position of Ethereum as the second digital currency.
Bank of America plans to embrace Blockchain technology with Ripple as a partner
About a week ago, there were speculations about a possible collaboration between Ripple Inc. and Bank of America – the second largest bank in the United States. However, no official announcement has been made so far, but it seems that Bank of America is preparing to embrace blockchain technology.
The bank could use blockchain for its cross-border transactions instead of SWIFT, which is expensive, slow and error-prone. The second US bank is trying to develop a new mobile application similar to that of Ripple. The application would allow customers to make inter-bank transactions without going through a process of re-authentication each time the customer makes a transfer between banks.
Cross-border transaction process made easier – Thanks to Ripple
In one way or another, Ripple Inc. is fully prepared to overcome the SWIFT payment system. Ripple's blockchain has gone a long way, as over 100 financial institutions and banks have adopted Ripple so far. If Ripple closes its agreement with Bank of America, Ripple will see an influx of other financial institutions.
The first company that has adopted the Ripple payment protocol is TAS Group. The company adopted the payment protocol in 2013. The company serves central banks and major commercial banks in Europe and Italy. TAS Group is already a customer of the company that is rapidly gaining a lot of industry players who are attracted to its xRapid platform.
Undoubtedly, Ripple aims to develop products that improve the way traditional banking institutions operate, making them much simpler and faster. They are also responsible for simplifying international transactions. Thus, it is easy to understand why the blockchain company is developing products based on cutting-edge technologies to improve these transactions. Some of the products created by Ripple so far include xRapid, xVia and xCurrent.
The launch of these products had a significant effect on the value of XRP, Ripple's native digital currency. Whenever one of these products is launched, the value of XRP will increase. For example, when the launch of xRapid was announced, the value of money has increased by more than 100% in a few days.
The launch of these products has also attracted many international giants such as Western Union and MoneyGram. xRapid is designed for financial institutions and banks that want to minimize the cost of liquidity. The product uses xRapid to facilitate cross-border payments, which is why the product launch had a huge effect on XRP.
Price XRP (XRP) today – XRP / USD
At the time of writing, XRP (XRP) still holds second place in the list of the world's major digital currencies. The XRP is currently valued at 45 cents after a decrease of less than one percent in the last twenty-four hours. The current market capitalization of the digital currency is $ 18 billion and the volume of trade in the last twenty-four hours is $ 1.20 billion.