In the quest to become the preferred cryptocurrency in the market several virtual currencies are employing different marketing methods to ensure and push their currencies to be in high circulation. Ripple (XRP) is not any different from other virtual currencies.
From the look of things, Ripple is poised to become one of the ideal digital assets for profit-oriented organizations in the next couple of years as the digital asset continues to extend its portfolio of partnership with major financial institutions and banks all over the globe.
For the record, Ripple’s xRapid and xCurrent products have been accepted and incorporated by over 100 banks globally with even more financial institutions finding convenience with Ripple’s blockchain technology.
These financial institutions and banks strive to take advantage of the low fees and fast transaction speeds being offered by the Ripple’s blockchain technology driving up demand for the digital coin and its value.
German financial institutions and banks have been on the radar of Ripple’s growth strategy. In a recent interview in Berlin, the Head of Banking in Ripple, Marjan Delatinne, disclosed Ripple’s intention to expand in the European nation saying they are in talks with several German banks. Marjan was responding to a question regarding Ripple’s overall partnership strategy and presence around the globe from the US, Japan, and other European countries. She said,
“We are actually in communication with many German financial institutions and banks also.”
Marjan is renowned in the financial sector being a former business director at SWIFT before moving to Ripple Inc. He is taunted to bring onboard a lot of promise and experience to the blockchain driven organization.
At the moment, Ripple is in partnership with the DZ Bank AG owned bank known as Riesebank. DZ Bank AG is the 3rd largest bank in the European country judged by its asset size having over 100 branches to its name across Germany.
The bank is also a central institution for over 1,000 co-operative banks and their over 11,000 branch offices. Ripple is talking to other banks on their possibilities of partnering with Ripple Labs giving hope to crypto enthusiasts the possibility to see blockchain driven economies.
Ripple Expansion Plans for China
Apart from Germany, Ripple Labs is also looking at ways to enter the Chinese market to further expand its currency circulation and its distributed ledger technology (DLT).
By doing this, Ripple will be able to increase the speed of cross-border settlements in a more secure way, Ripple’s vice president of European Union strategic accounts, Jeremy Light, told CNBC on 15th August.
“Definitely, China is a country and region of interest”
Unlike other virtual currencies and blockchain technologies, Ripple strives to serve as a payment processing platform that may work without necessarily relying on it default currency, the XRP token. Ripple Inc. wants to separate the two, Ripple and XRP, to be different entities.
Some of the financial banks and institutions Ripple (XRP) has partnered with across the world include UBS, Standard Chartered Bank, Santander, American Express, UniCredit among many others.
So far, Ripple has managed to penetrate the Asian region in small proportions, but the most notable one happens to be with a Japanese consortium. The partnership features 61 banks for the development of a new smartphone application.
Many crypto experts expect Ripple’s penetration in the Chinese market to be a challenge going by the culture of the Chinese authorities to promote local products and inventions.
Currently, the Asian powerhouse has Tencent in operation, Tencent is the institution behind many smart applications including WeChat and is a leading payment and communication system in China that works closely with Shenzhen tax authority.
Tencent recently did a demonstration on their new blockchain based payment platform that offers features such as automatic company settlements.
SBI Japan Investing in Sendo
Thanks to Vietnam’s booming e-commerce market, Japanese financial powerhouse SBI Holdings, and other Asian-based institutions are willing to invest to Sendo Technology, a Vietnamese online marketplace, a total of about 51 million US dollars.
The hefty investment is sure to go a long way in revolutionizing how e-commerce business is done in the Asian country.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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