One of the biggest British banking giants, Standard Chartered Bank, is planning to extend the use of Ripple (XPR) and its network that supports payments to five more pairs of nations in the coming year.
As a multinational banking and financial services institution headquartered in London, England – Standard Chartered is a prestigious bank that runs a network of more than 1200 branches and outlets across many nations, employing around 87,000 people.
On the other hand, Ripple’s technology hs always helped banks, payment providers, digital asset exchanges and corporates to benefit via RippleNet and provide a frictionless experience in sending money worldwide.
The RippleNet technology is seen as something extraordinary right now in the London headquarters. As the CEO of Standard Chartered, Mr. Bill Winters stated in a passage of the bank’s investment in innovation initiatives:
“We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018.”
Meanwhile, XRP is too sold on the idea of a decentralized currency and a blockchain technology that transfers the centralized transaction structure to a decentralized structure. In the case of Standard Chartered Bank, however, the XRP Network will allow the use of this technology in a centralized way where the bank will utilize the advantage of fast transactions – but still continues to keep control of the transactions that are maintained in a centralized structure.
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