More banks and payment firms join RippleNet

Ripple, the San Francisco-based start-up behind the third-largest cryptocurrency on the market, has added new members to its enterprise blockchain network RippleNet, industry website Coindesk has reported.

It was announced on Wednesday that two international money transfer companies – Singapore-based InstaReM and BeeTech from Sao Paulo, Brazil – had partnered to enable customers to benefit from Ripple’s product, which they said offered a number of benefits, such as speed, transparency and lower costs.

According to the release, the partnership will facilitate blockchain-based payments between Latin America and a number of countries currently served by InstaReM, including markets in Southeast Asia and Europe.

“This partnership on RippleNet provides our customers a one-stop shop experience, including the ability to send payments and access new suppliers across more than 60 markets through xVia – a simple API connection,” BeeTech’s chief executive officer Fernando Pavani said, as quoted by Coindesk.

Recently, Ripple also signed a deal with the Kuwait Finance House, which said last week that it was the first bank in Kuwait to join RippleNet. As noted by Coindesk, in the last month alone, at least six banks and payments providers have opted to use Ripple’s various payment products. Among these companies is major South Korean cryptocurrency exchange Coinone.

Meanwhile, during an interview on CNBC’s “Power Lunch” programme on Wednesday, Ripple’s chief executive officer Brad Garlinghouse said that the company had had a record first quarter, signing 20 production contracts with new firms.

In today’s trading, the Ripple price (XRP/USD) stood at $0.615, as of 09:12 BST. The digital coin has gained 0.3% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Ripple currently has total market capitalisation of $23.9 billion, which makes it the third-largest cryptocurrency on the market.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.