It is a new payment service between Japan and Brazil, is based on the technology of the Blockchain Ripple. Offered he to of the two major banks MUFG Bank (Japan) and Banco Bradesco (Brazil). The two banks want to enable “quick, transparent and traceable” payments between Japan and Brazil.
View this post on Instagram
Ripple developed the System to allow international transactions between banks. The Crypto companies have worked intensively on the development of instant international payments, due to the complex and expensive international transactions between banks are no longer necessary. The currency exchange, when such transactions are necessary for banks and customers alike expensive. Ripple wants to avoid through the use of XRP, the high cost, and the cost can often amount to many days.
Confirmed, but not yet completed
It is still unclear when the payment system is to be completed on may 9. In November, it was officially announced. So far, much more than a Declaration of intent is not apparent, with the two partners, clarify your plans and your idea of the Public would like to introduce. If it is, however, to the extent and for the new Service is functional, this might not only increase the Reputation of Ripple, but also to the entire crypto world give a boost to.
Ripple already works with a number of major banks
Ripple has already been made in the past, efforts to partnerships with banks. In the autumn of this year it became known, for example, that the ways of the Ripple, so far, of the 12. Large banks such as Banco Santander, the largest Bank in Spain, have decided to form partnerships with Ripple. The MUFG Bank which is a member of the Mitsubishi UFJ Financial Group, is as a great supporter of the Ripple is known. Mitsubishi UFJ Financial Group has even recently announced that the Bank would like to bring out your own crypto-currency – the MUFG Coin. Therefore, it is not surprising that committed the Bank to this step.
View this post on Instagram
A partnership between two major banks
For the two banks, the cooperation does not take place for the first Time. You are already entered in the past, together with other partnerships. The cooperation with the Ripple is the extension of an existing agreement between the MUFG Bank and Bradesco in September 2017, says the official statement of intent of the two banks.
What this means for the price of Ripple?
Banco Bradesco is one of the largest banks in Brazil and was at a time the largest private Bank in Brazil. So the partnership is a huge step for Ripple and could theand in the long term, for greater stability.
Now is the time for a? The message could actually lead to a flare-up in the crypto-currency, but of course nothing is certainly unpredictable when it comes to the crypto market. The market capitalization of XRP is on the 16.11. 16.8 euros and increased in 24 h to 4,36%. The Declaration of intent of the two banks shows their determination, even if the outcome of the project remains to be seen. You would join a number of renowned partners: The “growing global network” of Ripple, the Crédit Agricole, American Express, Money Gram and SEB.