In a press release published on Friday (November 9, 2018), MUFG, the banking arm of Mitsubishi UFJ Financial Group, Japan and also the world’s fifth biggest bank, announced its partnership with Banco Bradesco S.A., one of the biggest banks in Latin America. The venture enables a new Ripple-based cross-border payment network between both banks.
Ripple, the blockchain company known for supplying cross-border solutions has been working on expanding its customer base. This time, it’s facilitating cross-border payment between Brazil and Japan.
Ripple is the top blockchain company in the provision of cross-border services and the only one involved with banks instead of competing with them. It has been quite successful since the launch of its foremost merchandise for cross-border payment, xRapid.
The company’s move to extend its reach has been largely successful, and lately its global head of infrastructure creation, Dilip Rao, said a new office will be opened in Dubai at the end of the year to commence operations by 2019.
Only last month, another cross-border payments service provider, MoneyMatch, finished the first Malaysian cross-border blockchain payment on Ripple’s international payment network Ripplenet.
As a firm, Ripple continues to drive its blockchain-based payment technology, resulting in more adoption cases especially in the banking sector. Recently, rumors surfaced of a potential SWIFT integration with Ripple but turned out to be false.
Banks in Japan, Saudi Arabia, the United States, and a lot of other countries already make use of the organization’s technology.
For all of these remarkable adoption instances, many observers say banks will need to begin using this XRP cryptocurrency to create greater utility for Ripple. Earlier in the year, company CEO, Brad Garlinghouse predicted that’heaps’ of banks would utilize XRP come 2019.
Ripple’s over 200 partnerships with customers around the globe has definitely eased adoption of its own crypto asset XRP, and also the brand new Brazil-Japan agreement is expected to perform the same. Ripple will be occupying the payment method that it has designed, on its blockchain.