In our “Ripple” section, we cover news and developments related to the Ripple network and the XRP cryptocurrency. Here you will find updates on Ripple technology, partnerships, regulatory issues, and factors influencing the XRP market. Read the “Ripple” section on ForkNews to stay informed about the Ripple ecosystem.
One of the most important news about Ripple this year is its cooperation with banks and payment systems. RippleNet, Ripple's data exchange system, is similar to SWIFT and is a design that signals banks where to send money. It also offers a service that helps banks process transactions.
The new MoneyTap smartphone app, developed by SBI Ripple Asia, will allow customers of 61 banks to make instant money transfers within Japan 24 hours a day, seven days a week.
Not many blockchain companies can find new partners every week. The list of Ripple partners, which already includes more than 100 companies, was expanded this week. Banks in Brazil, India, Singapore and Canada, as well as money transfer service providers, decided to cooperate with the company.
SBI Ripple Asia is a consortium that will explore the use of distributed ledger technology (DLT) for securities.
Ripple works with the help of “gateways” - these are companies like Bitstamp, Gatehub, Tokyo JPY, Mr. Ripple. Gateways accept currency deposits from users and issue balances to the Ripple distributed ledger. Gateways are something like banks in this system, but they are united by one global register - the Ripple protocol. The Ripple protocol is based on a ledger that uses a consensus process, and this allows users to transact and exchange money in a distributed process.
Although Ripple is “a good investment right now,” according to independent agency Weiss Ratings, XRP could struggle in the long term.
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