Santander to utilize Ripple for cross-border transactions

European banking giant Santander has plans to use Ripple's xCurrent platform to power their international transaction
26 March 2018   1629

Several banks across the globe are trying out the Ripple to power their transactions. And now Santander joins them.

Earlier this year Santander CEO Nathan Bostock confirmed that the company was testing Ripple's core platform to reduce transaction times, and now the plans expand to full utilization of RippleNet and xCurrent to speed up international payments.

The newest service has been in testing for over eighteen month, according to the employees. And now, the new app will allow for the cross-border payments to be settled in less than twenty-four hours and all the parties involved will be able to see the processing fees right from the beginning.

The primary focus on the app's launch will be the bank's clients in Europe and Southern America, with particular attention on Spain, Brazil and the United Kingdom. Also, together with the app the new wallet, personal finance manager and interactive help-desk will be debuted.

The launch is planned somewhere in the first half of the year, according to the Ripple executive Brad Garlinghouse.

Ripple to Write Open Letter to US Congress

Ripple's execs asked congress to support the development of the technology
29 July 2019   297

Brad Garlinghouse, head of California-based Fintech startup Ripple, and co-founder Chris Larsen, wrote an open letter to the US Congress on the eve of relevant hearings at the Senate Banking Committee. They asked lawmakers to decide on regulation, but at the same time not painting them with a broad brush.

So, Garlinghouse and Larsen are convinced that cryptocurrencies will complement fiat currencies, and not put their existence at risk, and the United States, in their opinion, should lead the development of the industry.

According to them, without proper regulation, there are risks for innovation, tax revenues and jobs in the blockchain industry.

We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush.
 

Brad Garlinghouse, CEO of Ripple &
Chris Larsen, Executive Chairman and Co-founder of Ripple

Earlier, Garlinghouse agreed with US Treasury Secretary Stephen Mnuchin that cryptocurrency could not replace Fiat.

Probably, the head of Ripple fears that lawmakers will not understand the differences between cryptocurrency and Libra digital currency, and will introduce the same regulation for them.

Despite the fact that Ripple was able to significantly increase its customer base after the Facebook initiative was announced, Garlinghaus had already expressed fears that excessive attention to Libra could harm the industry as a whole.

On Tuesday, July 30, the US Senate will hold hearings on the regulation of cryptocurrency, during which the CEO of Circle company Jeremy Allair, a member of the Congressional research service Rebecca Nelson and a law professor at the University of California Mehra Baradaran will speak.