A multinational company based in London, England, who provides financial and banking services, Standard Chartered, announced their plans to extend their use of Ripple (XRP) Network. Their plan is to provide payments across the border for additional five pairs of countries by the year’s end.
Standard Chartered, a banking company from England, is known for operating a large network that has over 1,200 outlets and branches. The company runs its business in 70+ countries of the world while providing jobs for more than eighty-seven thousand employees.
The company is using Ripple
Recently, however, this company decided that their influence can expand even further through a partnership with Ripple (XRP).
Ripple is known for making connections if nothing else. It connects exchanges of digital assets, banks, various corporations, as well as many payment providers. They all come into contact with each other through RippleNet, which allows them to transfer money in an instant pretty much anywhere around the globe.
The bank’s decision to publicly announce its use of Ripple’s network came with a goal of unlocking a new trading corridor worth $15 billion. The corridor in question is between Singapore and India, and it is expected to be unlocked in November of this year.
Basically, the system’s use is mostly for increasing the payment speed. The corporate supply chain of the bank includes a lot of sellers and buyers, and the ability to process their transactions with more speed will be of great use for improving the company’s business practices.
Plans for the future
Bill Winters, the CEO of Standard Chartered, is a banker from America. He replaced the company’s previous CEO, Peter Sands, back in June of 2015. His plans to expand the bank’s business through the use of Ripple’s network were discussed in the bank’s report regarding the Q1 for this year.
In it, he dedicated special attention to the bank’s investments regarding the innovation and similar initiatives. He stated that the company is using blockchain tech in order to streamline payments across the border. This is, however, only a part of the first corridor that will provide payments live, and in real time.
The corridor in question will be between India and Singapore, and it was initiated by the company during the previous year. There are plans to expand these new capabilities to additional five pairs of countries, and that is expected to be achieved during this year.
Ripple seems to like this idea very much, especially since it includes blockchain tech and decentralized currency. It will allow the bank to use their technology in a somewhat centralized structure. The bank will, of course, take advantage of the fast transactions, but will also manage to keep transactions under control through the use of centralized structures.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of LM TP via Flickr
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
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