Euro Exim Bank will be the first commercial and mainstream bank that will make use of the token XRP. The bank will collaborate both the technologies of RippleNet which are xCurrent and xRapid.
The bank further went on to release a video about Ripple’s innovative cross border technology. The video summarizes the benefits of RippleNet which includes faster transaction speeds, reduced costs, and improved transparency and security.
Liquidity costs which are seen to be an ongoing problem for banks will be minimized tremendously thanks to Ripple’s technology. Liquidity is defined as the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price.
Ripple’s representation in conferences has been phenomenal. No wonder Euro Exim noticed Ripple in October 2018 at the company’s Swell Conference in San Francisco.
A Youtube user commented on the video stating “Awesome! This is true entrepreneurship. To have trust in new technology like this and be the first one.. congrats to the team!”
Hence this is not only a significant accomplishment for Ripple but the bank as a whole regarding being innovative and forward-thinking.
In other words, Euro Exim Bank has replaced SWIFT with Ripple, showcasing that if successful other banks could likely join doing the same.
XRP at the time of writing is well placed at second rank with a price of $0.329585 and a market capitalization of $13,526,295,936.
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