Thursday, February 15, 2018

The platform and cryptocurrency known as the 'Banker's Coin' to integrate with Saudi Arabia's banking system

Unlike most cryptocurrencies, Ripple was created as a blockchain platform to play a complementary role with the current financial system rather than oppose it.  And this is why Ripple is known on the street as the 'Banker's Coin'.

So with this in mind it should not come as a surprise when on Feb. 15, the parent company behind Ripple announced they have an agreement to help integrate their platform into the banking system of none other than Saudi Arabia.

The parent company behind the centralized and third-largest cryptocurrency, Ripple, will work in the banking system of the oil-rich Kingdom of Saudi Arabia, the firm claims.
Saudi Arabia and Ripple, the company behind the XRP coin, will cooperate by using xCurrent, software that enables banks to instantly settle cross-border payments with end-to-end tracking. 
“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers,” said Dilip Rao, Ripple’s global head of infrastructure innovation. 
The Saudi central bank will be the first to use Ripple’s blockchain network. – Russia Today

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