Ripple Inc. –an American technology company that develops the Ripple payment protocol and exchange network, in a recent blog post on Tuesday, Jan. 8th 2019, announced that 13 new financial entities, namely Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento, signed up for the RippleNet payment network, making it cross, the 200 customers mark.
Continuing, the post mentions that 5 of the new entities — JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank, using the company’s digital asset, XRP, for liquidity will be sending cross-border payments to their customers. This move will help these financial entities tackle the issue of pre-funding accounts in destination currencies.
Other institutions, who are new to RippleNet and currently not using the XRP to source liquidity, like Olympia Trust Company, will be able to utilize Ripple’s technology & modern API’s to get faster, economical, and transparent payments.
According to Brad Garlinghouse, Ripple CEO, the company is attracting customers at a constant pace of 2 to 3 customers a week, in 2018 almost 100 customers joined the RippleNet payment network. Last year, the network saw a 350 percent increase in live payments, beginning to see more and more switching to XRP for liquidity.