Ripple claims three new money transfer firms will leverage XRP in 2018

In a new tweet, Ripple has claimed three new money transfer firms will begin using XRP for their payment flow systems in 2018.

Ripple’s XRP was a surprise breakout at the tail end of 2017 – rewarding early investors with a surge to values above the $3 USD mark. Now, Ripple has claimed that XRP could be in for a bumper 2018 as three new money transfer firms would leverage the coin in their payment flow systems this year.

The tweet, which declines to mention the names of the firms in question, does, however, clarify that the companies form ‘three of the top 5’ global money transfer companies.

Read: Japanese and South Korean banks begin testing Ripple for same-day transfers

At present, only one firm – Mexican financial services provider Cuallix – has announced its intention to use XRP for cross-border transfers.

While XRP values have soared in recent weeks, Ripple has come under fire for the allegedly opaque manner in which it refers to its cryptocurrency – specifically, newer investors may become confused by the plethora of institutions that have pledged support for Ripple’ xCurrent messaging platform, and not XRP itself.

Ripple CEO Brad Garlinghouse has re-iterated, however, that institutions have expressed interest in leveraging XRP – quipping that “Over the last few months I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way.”

At press time, XRP’s value has slid to just above the $2 USD mark in the wake of news that Coinbase will not list the cryptocurrency in the near future.

Read: Ripple officially escrows 55 billion XRP tokens for supply predictability

What are your thoughts? Be sure to let us know your opinion in the comments below!

Follow Bryan Smith on Twitter: @bryansmithSA

Related Articles

United Kingdom riddled with crypto scams

Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.

US lawmakers seek answers from Silvergate about FTX link

United States senators have requested information from Silvergate Capital regarding the firm's association with FTX.

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

How is Bitcoin regulated in the United States?

Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.

See All