Ripple, the US-based Blockchain Tech that oversees the distribution of the digital token, XRP, has been striving tirelessly to get highly rated than its contemporaries in the payment industry. This effort recently paid off after a world’s notable bank based in Singapore, DBS Bank, acknowledged its service as the cheapest option for lowest cost routing.
Ripple has quite made efforts to combat possible challenges which could arise from firms that operate in its chain globally. It keeps optimising its payment system, so as to deliver the best service in terms of cross-border remittances, giving it the means of becoming the last resort and best for customers around the world.
However, these efforts have not really impacted the price of its digital currency, XRP in the crypto market. But these prominent recognitions Ripple garners globally enhance the optimism of XRP community members about the future of the cryptocurrency.
DBS Bank Acknowledges Ripple as the Cheapest Option in its Industry
DBS Bank, a Singapore based financial institution, which has been in existence since the late 60s, with relatively $334 Billion in assets and about $10 Billion annual revenue, has recently acknowledged Ripple as the Cheapest Option for Lowest Cost Routing.
This was hinted on Wednesday by an XRP enthusiast identified on Twitter as BankXRP. The user commonly disseminates any available information relating to both Ripple and its digital token, XRP.
BankXRP shared the official recognition received by Ripple from DBS Bank, which is seen as one of major banks in the world. In a document recently released by the financial institution, it portrays Ripple as the fastest and cheapest choice in terms of transactional payments. This officially comparison comprised Swift, Cross-border ACH, and Ripple.
BankXRP shared as follows:
“DBS bank mentions Ripple as the cheapest option for Lowest cost routing
SWIFT/ Telegraphic transfer: most expensive
Cross-border ACH: cheaper
DBS bank mentions Ripple as the cheapest option for Lowest cost routing
🔹SWIFT/ Telegraphic transfer: most expensive
🔹Cross-border ACH: cheaper
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) August 21, 2019
XRP and other Digital Currencies in the Market
XRP and other cryptocurrencies in the market are beginning to indicate recuperation from major price deficit they were generally slammed with some hours ago.
XRP has had a little gain compared to other top digital currencies, especially Bitcoin. At press time, XRP is trading at $0.269972, with about 2% price upsurge in the last 24 hours.
Bitcoin, the largest cryptocurrency by market capitalization, has been struggling since the significant crash it recently experienced, which caused the digital currency to lose about $700 within few minutes. At the time of writing, BTC is trading at $10,101.89, with 0.2% 24H price increase.
Among the top 10 coins, the best performers at the moment in terms of price appreciation are EOS, Ethereum (ETH) and Bitcoin Cash (BCH).