XRP (XRP) – XRP, the third largest cryptocurrency for market capitalization which recorded a double digit earns throughout the day in a reversal of price, received another advantage of positive news in the form of adoption by a large US bank. PNC, which operates in nineteen states and has control over 2400 branches, has announced a partnership with Ripple that will involve the use of startup blockchain startup technology for cross-border and international payments.
First reported by Reuters On Wednesday, the giant financial services company announced the intention to use xCurrent for global payments, thus accelerating and reducing costs for foreign transactions. made by US customers. Ripple, the parent company behind XRP has made an effort to distance itself from cryptocurrency in order to promote decentralization, elaborated on the new program. Unlike banks that use XRP directly for payments and money transfers, a process that Ripple claimed is still far from occurring, PNC will operate on the xCurrent platform, a distributed accounting protocol that is expected to reduce costs and reduce lead times. transaction significantly.
Asheesh Birla, senior vice president of product management at Ripple, said in an interview that while the company hopes to move to xRapid in the future (and then get the XRP currency directly involved in the global money transfer), the current trampoline of adoption is through xCurrent,
"Banks will not be the first to adopt xRapid."
Birla also continued to clarify that xRapid and the use of XRP for global payments liquidity is a process that is aimed at emerging markets compared to the United States. At the beginning of the year Ripple proposed that the XRP currency held a possible market share of fifty percent in India, with money as a popular choice for digital payments and sending money abroad. The company also underlined the intention to target Brazil and, similarly, emerging markets, as a way to drive the growth of XRP and xRapid outside the established financial institutions in the United States and on Wall Street.
While current XRP investors may be disappointed by the absence of currency in relation to PNC news, Birla believes that getting more companies and banks to adopt xCurrent is a step in the right direction for the possible use of XRP, "It is a way [for banks] to put the big toe in water" with the main objective of the company "as we get [banks] to use xRapid which is the our liquidity product. "
PNC was ranked among the top ten banking institutions in the United States, reaching over 8 million customers in 19 states. In addition, the financial services giant reports having over 2400 branches spread across the country. The partnership with xCurrent allows PNC to provide more services to both customers abroad and those who send and receive money internationally. Compared to the current methods of transaction of cross-border currencies, which can take up to 2-3 days in terms of processing time, the xCurrent protocol should work in less than five minutes at significantly reduced costs.