The intention of Satoshi Nakamoto’s blockchain framework was to create alternate and viable payment system that would compete and probably outshine fiat payments.
The technology had gone on to threaten existing fiat infrastructures and payments with the disruptive mechanism posed by Bitcoin. The coin had been basis for formulation of thousands of cryptographic currencies within the ten-year streak of the blockchain.
Ripple (XRP), one of the most successful coins towing the lines of Bitcoin had become a threat with its boisterous moves at improving cross-border payments through the blockchain.
Governments and financial institutions had hitherto made known their stance of distancing support from crypto currencies and had backed this up with severe regulations of which many governments such as the U.S had spearheaded its implementation. It is therefore surprising that cryptographic currencies, especially the hitherto neglected Ripple (XRP) are gaining massive support from platforms that had erstwhile been shying away from it.
Ripple (XRP) Gained SAMA’s Attention
Despite criticisms trailing its incursion into cross-border transactions, Ripple (XRP) had taken its league higher after its partnerships with different firms across the world and the joint creation of SBI Ripple Asia to ease digital payment in Japan and beyond. This gave it the Bull Run and had attracted attention from far and near with the most significant being the Kingdom of Saudi Arabia (KSA).
The first quarter of 2018 had been great for cryptographic currencies as the U.S government through its Federal Reserve had sought out alternate means of payment to augment existing infrastructures. Ripple (XRP) had tendered its proposal counting on its numerous use cases to give it an edge.
Ripple (XRP) would later go on to strike a deal with the Kingdom of Saudi Arabia with intention of improving the country’s financial transactions. Before now, Arabian countries which are core Muslims seem to be sentimental towards Islamic Banking as this afforded them the opportunity to have the type of financial transactions they wanted. Therefore, many decentralized projects had tailored solutions to this but none had gone close as Ripple (XRP) did.
Few months into the first quarter of 2018 had seen Ripple (XRP) partnering with the apex financial body in Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA). The partnership is giving way to the coin’s integration as payment throughout banks in the country.
Before now, Ripple (XRP) had working products such as xCurrent and xVia, and had recently added xRapid to the league. The former, xCurrent was adopted by SAMA as means of scaling cross-border transactions within the Kingdom of Saudi Arabia and outside the country. The idea behind the partnership was to help SAMA, the Saudi Arabian central bank, access the RippleNet and further improve transactions within Saudi Arabian banks by providing faster and low-cost transactions.
The SAMA-Ripple (XRP) partnership was coming second after Bank of England’s proof of concept deal with the coin. On a lighter note, the partnership is to be extended to other financial institutions that are interested as SAMA had promised to equip prospects with relevant training.
A Bill Clinton Attended Swell Event Set To Triple Ripple’s (XRP) Fortunes
For the first time, Ripple (XRP) hosted an event that have timbers and calibers in attendance. The Swell event is touted to be a glorifying moment for the coin and coming at a time when Ripple (XRP) had done well for itself in partnerships, the event will no doubt, further posit the coin’s chances of being a global payment system.
All eyes were on the event with the time-bomb of Bill Clinton’s attendance. Ordinarily, this news could send Ripple’s (XRP) price surging in the market and that might play out if feelers of Bill Clinton’s partnership is accented.
The Swell event was held on the first and second days of October 2018 was a gathering of sorts where global payments was be discussed. Aside Bill Clinton, representatives of Central banks were also in attendance.
Interestingly, the invitation of the former U.S President, Bill Clinton is ironical to the country’s stance on crypto currencies. Ripple (XRP) had given reasons for his invitation as his unprecedented input to technology and payment systems during his stead in office and had gone on to announce him Keynote Speaker for the event. There are indications that the former President might be silent partner to Ripple (XRP).
The Swell event also witnessed the attendance of Ross Leckow, the Deputy General Counsel of the International Monetary Fund; Richard Teng, the CEO of Abu Dhabi Global Market and other big fishes in the financial industry.
The spotlight is one Former U.S President, Bill Clinton and his partnership with the coin will certainly push its fortune.
Among what could not be forgettable during the event was the official commercialization of xRapid, the latest product from Ripple (XRP) at the event. Now members of RippleNet can now use xRapid for payment. This is a major boost, too, for XRP.
UNICEF Not Left Out In The Partnership
Ripple (XRP) soon found willing partner in the United Nations Children Emergency Fund, France branch in the third quarter of 2018. The France branch of the agency had included Ripple (XRP) in the nine-man crypto currency list it was set to accept as donating means.
This move was coming after the success of its crypto currency fundraiser, GameChaingers launched in the first quarter of 2018.
During its stead, GameChaingers, a crypto currency-backed humanitarian fundraiser had been used in accepting funds for children in war-ridden Syria. At the time, donors were to download mining software apps from the agency’s website and requested to assent to their device’s computing power being delegated for mining and donation of cryptographic currencies.
Abu Dhabi’s National Bank partnered Ripple (XRP)
Buoyed by the success of Ripple’s (XRP) partnership with Saudi Arabia’s central bank, the National Bank of Abu Dhabi also partnered with the coin. This was aimed at reducing transaction costs, enthrone faster cross-border transactions and allow users access to end-to-end transaction encryption.
The bank became the first in the Middle East region to use blockchain payments and also doubles as the first to use Ripple’s (XRP) cross-border solutions in the region. The bank’s Managing Director is optimistic that Ripple’s solutions would further deepen the use of blockchain solving financial hitches in the region.
Partnerships have been tossed on Ripple’s (XRP) way and it had no doubt struck cord with the best of these. Its recent adoption by governments and financial platforms that had hitherto cast aspersions on digital coins further posit Ripple’s tendency to become one-stop decentralized payment channel.
The coin is already holding choice spot on market tables and it would take combined efforts of its Swell event’s success and few more partnerships to drive home its long-standing market capitalization rivalry with Ethereum and have Ripple (XRP) seated on the second spot on market capitalization tables without any fear.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.