More than a third of the world’s most prominent banks are using Ripple


Jul 2, 2019
Over the last few years, Ripple has managed to convince many large banking institutions of the advantages of its products - and for good reason. SendFriend confirmed that transaction costs of more than 80% could effectively be saved using Ripple’s solutions. Still, it’s not just remittance companies that are on the XRP train. More than a third of the world’s most prominent banks are using Ripple - inching us closer to mainstream adoption every day.

What is Ripple?

According to eToro, “Simply put, Ripple is the company behind XRP. RippleNet and the XRP Ledger were created by RippleLabs, which uses open-source technology to beat Bitcoin in speed, and banks and other financial institutions in fees. Having launched in 2012, Ripple soon exploded onto the crypto scene.”

Which banks are using Ripple?

When we look at an overview of the website, we can see that already more than a third of the world’s most prominent banks are using Ripple. They’re either piloting it, or are already using it in business operations. Ripple’s cross-border tech is being used by more than 250 banks in over 50 countries.

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Mitsubishi UFJ Financial Group, the fifth largest bank in the world in terms of assets under management, announced in November 2018 that they would be collaborating with Ripple, to provide an cross-border money transfer service, based on the payment corridor from Japan to Brazil.

Another major player is HSBC Holdings PLC, based in the UK. Their subsidiary, Saudi British Bank, announced in April 2019 that it would use Ripple’s payment solutions to transform and enrich the experiences of their customers.

This table shows the top 10 banks, in terms of assets under management, already utilizing or piloting Ripple:

Ripple is expecting massive growth this year

Brad Garlinghouse, Ripple CEO, announced at the end of 2019 that they expected transaction volumes to grow by a whopping 600% in 2020, and for the customer base to increase by 30-40%. This forecast is not actually unrealistic, as already in October last year, Ripple was able to reach a high transaction volume.

Ripple signed its 300th partner with RippleNet in November 2019, and it currently employs more than 500 people worldwide - with plans for further expansion, particularly in the APAC region.

Ripple and Banks

No other cryptocurrency has been so wholly welcomed by the financial sector, proving Ripple’s merits in real time. Ripple is the third largest cryptocurrency by market cap, but it’s so much more than that. Ripple is a blockchain company, which makes it stand out thanks to its whole suite of products catered directly to traditional financial institutions. They’ve tapped into a market that others have yet to, and it’s standing them in good stead. What’s perfectly clear is that Ripple has found a niche and it plans to exploit it - for the benefit of themselves and of their partners.

What next?

More than a third of the world’s most prominent banks are using Ripple, and that’s good for business. Ripple’s idea of catering to the financial sector has really taken off, with more partnerships climbing aboard all the time. Could Ripple’s success with banks finally send crypto mainstream? Or is this issue still to fringe for the majority of the population? Either way, Ripple is absolutely setting a precedent for other blockchains hoping to break into the traditional financial sector - develop a great product (or products) that can really help them, and you’ll likely see a great deal of interest. As more banks begin using Ripple, XRP could very well skyrocket - we'll just have to wait and see.