XRP Market Value Rises With Major Partnerships
The partnership comes ahead of xRapid launch early October.
Ripple Inks Key Deal With PNC
The cryptocurrency world in witnessing major steps ahead of mainstream adoption. US-based PNC bank has revealed that it will deploy RippleNet to process cross-border payments to customers.
The collaboration was made public by Ripple last week where it also emerged that the xCurrent system will be used. The software will be the main anchor for the payment processing. Unconfirmed reports have it that through deploying xCurrent, PNC customers will get their payment instantly. The platform will also enable firms to look differently at cash flow management. Through the software, banks are able to communicate real-time for confirmation purposes moments before the payment goes through.
Ripple’s Market Dominance
Following the PNC deal, Ripple’s XRP price spiked and it is expected to continue in the coming days. The price spiked by more than 15%. By the close of business on Friday, XRP surpassed ethereum to rank as the second largest cryptos. It has an estimated market cap of $23 billion. Other media reports indicate that Ripple views the move as a relevant step to getting banks on board for xRapid adoption.
According to Asheesh Birla, a senior official at Ripple, xCurrent is the best option moving ahead. He seems to have echoed sentiment by David Schwartz. The lead cryptographer back in June stated that banks are unwilling to use the blockchain platform to initiate cross-border payments.
Schwartz noted that some issues to do with privacy and scalability. The two issues are a serious concern for top banks globally. For banks to deploy the open ledger, then these two issues must be addressed immediately.
At the moment xCurrent platform by Ripple is known to permit real-time transactions. However, Schwartz noted that it did not serve as blockchain technology. The platform is an upgrade of the present system.
On top of that, PNC has collaborated with numerous leading financial entities that have deals with Ripple. The partnership comes in different ways. Last month, Ripple hinted that it had plans of joining the Chinese market as a way of escalating global payments.
As October approaches, Ripples seeks to launch xRapid. It seems to have the platform migrate between XRP and the dollar. To achieve this fete, the company has deals with firms like Bittrex. xRapid is projected to improve the speed of transactions.
According to Justin Sun, from Tron, more banks will copy PNC by enrolling the blockchain platform just like RippleNet.