- Ripple recently announced that they have a tie-up with Azimo.
- Ripple has claimed that they have scored a big win in the quest to be able to use cryptocurrency in banking.
- Richard Ambrose said that by using Ripple’s XRP tokens had saved 30 to 40% in arranging currency transfers between the Philippines and the UK.
Ripple has claimed that they have scored a big win in the quest to be able to use cryptocurrency in banking.
Ripple has, for many years, tried to make it work in such a way so that it’s cryptocurrency network can offer a faster and cheaper way to move money around the world and completely beat the traditional tech made available by the financial institutions.
But even after multiple trials with the big banks and other institutions, the question being asked has been the same, when will, if they ever will that is, Ripple’s tech catch up with the existing tech by the banks and other financial institutions.
Ripple, even though it owns a ton of XRP, the third most valuable cryptocurrency, might be in the end and after so many efforts on the right path. Ripple recently announced that they have a tie-up with Azimo.
Now Azimo is one of Europe’s biggest money transfer services, and this move surely had some big plans behind it. But that was not the biggest news, because Ripple also announced that they had used XRP to move $24 million between the United States of America and it’s neighbor in the south, Mexico.
You read it correctly, a whopping $24 million in just one week!
This feat achieved by Ripple hugely backed Ripple’s argument that XRP is a useful bridge currency. This would allow the financial institutions around the globe to be able to free up the capital that would otherwise be stuck up as the reserves to help the international transfers.
The CEO of Azimo, Richard Ambrose, said that by using Ripple’s XRP tokens which are known as on-demand liquidity, they had saved 30 to 40% in arranging currency transfers between the Philippines and the UK.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.