Why Banks Will Turn to Ripple And XRP

Why Banks Will Turn to Ripple And XRP

At the Ripple Regional event in London, blockchain utility was on display. Leaders from Euro Exim Bank, Mercury FX, and TransferGo explained exactly why more and more will begin to use blockchain and cryptocurrency. As banks and other financial institutions begin to understand what benefits can be reaped they will have no choice but to join the fray.

Graham Bright, the head of Compliance and Operations at Euro Exim spoke about the effectiveness of Ripple’s products. Bright said the company’s goal is “to make sure that our customers can get fast, reliable, trusted, secure service,” and blockchain improves all of this.

He explained that the use of xRapid enhanced and expanded the business’s services throughout East Asia and Africa. “We chose xRapid because we need to make it easy to move funds as quickly and as cost-effectively as possible.”

Euro Exim Bank has been able to increase international business by using Ripple and xRapid. The popular Twitter user, @XRPTrump summed up Bright’s points perfectly.

Mercury FX CEO, Alastair Constance also spoke at the conference about how Ripple is impacting their business.


“The payments are moving a lot faster and cheaper than they would be going through SWIFT,” said Constance. “The really exciting thing that xRapid allows us to open up previously inaccessible markets where our clients can trade freely at optimized speeds and costs.”

Constance explained that Mercury FX waded into the blockchain pool with trials and was amazed when they realized the potential impact using Ripple’s technology could have. Ripple expects a lot more companies to come to this exact conclusion in the next few years. With the demand for cross border payments constantly growing, international companies will be increasingly in search of blockchain solutions.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.