Ripple’s Partnership With BBVA
Ripple is one of the biggest cryptocurrencies in the world ranking 3rd in the list and it has gained a lot of fame in the market recently. The three major players in the market are Ripple, Ethereum, and Bitcoin. Currently, the market cap of Ripple stands at $22,439,773,776 with a non-minable total circulating supply of $39,094,227,299 XRP tokens according to the which the Coinmarketcap shows. Ripple has always pushed its limit and succeeded whenever it came to expanding its territories and merging with other big companies around the globe. Recently they have announced their collaboration with a colossal Spanish bank BBVA.
Background of the partnership
The developers, Arthur Britton, David Schwartz, Ryan Fugger released Ripple as their brainchild and to their benefit Ripple became one of the most widely used cryptocurrency payment protocol around the world. The creators of Ripple had a clear vision of making international transactions more safe, cheap and hassle-free. Ripple started expanding their way in banking fields since 2014 by collaborating and merging with international banks and multinational banks such as Accenture, Akbank, American Express, ATB financial and Axis Bank and many more.
These collaborations have rocketed up the value of Ripple in recent times. BBVA is considered one of the top banks in the world and is the second largest Bank of Spain. It was formed after 1999 merger of Bilbao Vazcaya and Argentaria. The partnership between Ripple and BBVA was announced by a BBVA spokesperson who said the following statements,
“BBVA is interested in innovation in cross-border payments, especially given our footprint in Europe, Mexico, USA, and Latam. BBVA is an active participant in several initiatives in cross-border payments (and other areas where blockchain could be applicable) and in that context did a project with Ripple last year in order to glean learning on the efficacy of cross-border payments in various contexts using money, not cryptocurrency. We also have carried a series of tests with blockchain consortia R3, Hyperledger and EthereumEnterprise Alliance in order to get insights into the use of blockchain in the financial services sector”
As stated by the spokesperson above, BBVA has completed all the testing of successful payments system with the use of Ripple, facilitating the cross-border and international transactions between various countries including Europe and Latin America. According to the reports, all the tests went smooth and successfully and all the transactions were completed within a very few seconds. The CEO of Ripple, compass, Onurgenç stated that he is really positive regarding this collaboration. In a recent interview, he also added that this collaboration will benefit both of the organizations, giving more exposure to the banking giant and reshaping of a way of international payments made across the world.
Positive effects of Partnership
The experts from all the sectors such as Banking, Economist, Crypto enthusiasts and analyst are all very much optimistic about this collaboration and giving positive reviews regarding this. This news has given the breeze of change in the South American Banks who were stuck to the same, old ideology of payments of since the late 1970s. This collaboration has also given new dimensions to the blockchain technology and also reflective to the general attitude of the large corporations. Though the whole world is doubtful about the versatility of cryptocurrency for payments. A banking giant like BBVA has already decided to set their path through the new advanced system of blockchains, Ripple.
Ripple currently stands at the 3rd position in the market of cryptocurrencies and is expected to rise with more adoptions in the market exponentially. The success of the collaboration will also give new dimensions to the way cross-border or international payments are made. Investors always have had huge expectations from Ripple especially more after the news of their collaboration with BBVA came out.
This can be clearly seen in the price rise when in 15th March the price went up from $26,406,845,423 (market cap) to $28,286,844,254 (market cap) in just a few hours. With the effort Ripple is showing towards collaborations and working with big organizations, it depicts bright future of Ripple and it will be more advanced and more widely implemented in the coming few years and eventually might leave behind the Bitcoin.
Disclaimer: The above-written statements shall not be taken as a financial advice as I’m not a financial advisor. These are just my opinions and views about how I feel and I would recommend all whenever investing in any of the cryptocurrencies always take advice from a well renounced financial advisor. All the information above is taken from the press releases, informational industry web pages, and news stories.