The official Twitter handle of Ripple published a post today, in which he announced that Japan and Brazil will soon see a new cross-border remittance service. This has been achieved while representatives of Ripple are pushing for wider adoption of the blockchain technology in FinTech. The original tweet said:
"@Bradesco and @btmu_official are taking advantage of Ripple's #blockchain technology to create a new cross-border payment service between Japan and Brazil".
A press release from MUFG Bank Ltd. on the news was also published. MUFG, which is the main banking unit of the Japanese financial group Mitsubishi, said that Banco MUFG Brasil S.A. [an MUFG Bank subsidiary] has signed a Memorandum of Understanding [MoU] with Banco Bradesco S.A. for the purpose of collaboration on a new cross-border payment service between Japan and Brazil.
In this scenario, Ripple emerges in the image to feed the technological advances of the service through blockchain. In addition, the payment system was designed by Ripple in which the upcoming service is aimed at being fast, transparent and traceable.
This is not the first agreement between MUFG Bank and Bradesco. In fact, the MoU is a continuation of the collaboration between the parts of the last year. If RippleNet, Ripple's power set, starts acting as an effective tool in cross-border payments, it could be viewed as a disruptive change in the industry. This event would also have a considerable impact on the price of XRP in the cryptocurrency market.
Alex Cobb, an investor in the XRP market and passionate about cryptocurrency, wrote:
"Perfect exotic corridor for xRapid Utility.
Proud to be a Mitsubishi owner "
Nerve2tweet, a cryptocurrency and follower blockchain also commented:
"They use $ XRP ?? the implementation of Xcurrent will not benefit the xrp owners, only when XRapid will start the XRP transfer would benefit us, so we have a card!"
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