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Ripple, for cross-border payments. Already in use by several banks, Moneygram, LianLian, Western Union is rumored as well. Bank of England is a customer, a fe

Ripple, for cross-border payments. Already in use by several banks, Moneygram, LianLian, Western Union is rumored as well. Bank of England is a customer, a few other central banks are rumored to be getting into it. They have several pieces of software, all of which lead to using their cryptocurrency XRP.

andr 9y ago
The Bank of England is not a customer of Ripple. Their fintech accelerator used Ripple for a proof of concept, which "was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.". No bank would use such a volatile currency for payments, for obvious reasons. If someone ends up using a technology based on the Ripple codebase, that's another story, but it is more like company X hiring the people behind Ripple for a consulting gig, then company X betting their fortunes on XRP. IOTA also claimed to have a partnership Microsoft, when in fact it turned out they used Azure for hosting. The lack of any journalistic standards in cryptocurrencies is a huge issue.
- shepardrtc 9y ago
  How many other cryptos did they do a Poc with? Ignoring BoE, Ripple's customers that are using XRP in production are: Moneygram, Cuallix, Mercury FX, and IDT. There are also 100 customers using xCurrent (the pre-XRP product that's used to transfer fiat). Upgrading to xRapid would increase the speed and decrease the costs of such transfer, so I imagine there will a conversion of some of those 100 customers to using xRapid, and thus, XRP.
xmly 9y ago
Ripple is totally centralized. There is no better to use Ripple than a centralized any database. Ripple is just a old fashion money-wiring business, but uses the XRP as internal booking Symbol.
- shepardrtc 9y ago
  > Ripple is totally centralized You are completely wrong. Ripple is decentralized by way of validation of transactions done through their distributed consensus protocol, which is done through validator nodes sitting across the world at places like MIT and Microsoft.

andr 9y ago

The Bank of England is not a customer of Ripple. Their fintech accelerator used Ripple for a proof of concept, which "was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.". No bank would use such a volatile currency for payments, for obvious reasons. If someone ends up using a technology based on the Ripple codebase, that's another story, but it is more like company X hiring the people behind Ripple for a consulting gig, then company X betting their fortunes on XRP. IOTA also claimed to have a partnership Microsoft, when in fact it turned out they used Azure for hosting. The lack of any journalistic standards in cryptocurrencies is a huge issue.

shepardrtc 9y ago
How many other cryptos did they do a Poc with? Ignoring BoE, Ripple's customers that are using XRP in production are: Moneygram, Cuallix, Mercury FX, and IDT. There are also 100 customers using xCurrent (the pre-XRP product that's used to transfer fiat). Upgrading to xRapid would increase the speed and decrease the costs of such transfer, so I imagine there will a conversion of some of those 100 customers to using xRapid, and thus, XRP.

xmly 9y ago

Ripple is totally centralized. There is no better to use Ripple than a centralized any database. Ripple is just a old fashion money-wiring business, but uses the XRP as internal booking Symbol.

shepardrtc 9y ago
> Ripple is totally centralized You are completely wrong. Ripple is decentralized by way of validation of transactions done through their distributed consensus protocol, which is done through validator nodes sitting across the world at places like MIT and Microsoft.