American blockchain payments firm Ripple Labs and its associated coin, XRP, are gaining acceptance in the traditional financial industry for cross-border settlements. A New York University professor explained how Ripple uses RippleNet to remove risk from instant cross-border settlements. Ripple’s involvement in cross-border settlement started in 2012 and its open permissionless blockchain allows anyone to join. Ripple's On-Demand Liquidity (ODL) on RippleNet utilizes XRP as an intermediary for seamless international payments, enhancing transaction efficiency and lowering costs. Ripple Payments supports over 55 countries and has a payout network spanning 70 markets, providing local banks with a packaged solution for improved cross-border payment services. Russia's central bank has also worked with Ripple and used XRP for cross-border settlements, highlighting the growing acceptance of Ripple's technology. XRP is currently trading at $1.09, experiencing significant growth in the recognition of its role in payments.



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