According to Cointelegraph, on August 29th, PNC, the eighth largest bank in the US, has begun to use the Ripplenet blockchain network for cross-border payments, becoming the first US bank to eat crabs. The bank is said to have assets of nearly $400 billion.
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Fintech Futures, a financial technology media, reported on August 29 that PNC Treasury Management is currently offering RippleNet-based cross-border payment solutions to its commercial customers, claiming that blockchain solutions will bring the following benefits to customers:
“Customers are able to immediately receive payments from overseas buyers on invoices, thereby changing the way they manage global receivables, allowing them to better manage their working capital.”
Ripple's cooperation with MoneyGram has achieved gratifying results
According to previous reports, PNC revealed plans to use RippleNet, especially Ripple's liquidity product xCurrent, as early as September 2018. The news also caused Ripple's digital token XRP price to soar.
However, at the time of writing, the price of XRP did not rise, and the asset fell sharply, with a daily drop of 6%.
However, as Brepan M. Madigan, Ripple's global institutional marketing director, pointed out this week, price is not the only parameter that the insiders are concerned about.
According to the latest data shared by Madigan on August 23, although the transaction volume of XRP has dropped by nearly 65%, the transaction volume of XRP/MXN on Bitco, the Mexican cryptocurrency trading platform, began to use XRP to pay to Mexico in MoneyGram. The same period has surged by more than 25%. Madigan said the data indicates that the actual transaction volume is driven by the actual use case.
In June of this year, Ripple announced the acquisition of a 10% stake in Speed Remittance, the world's second largest remittance company, as part of a $30 million partnership between Ripple and MoneyGram. One of the core rules of the deal is that MoneyGram will begin using Ripple's payment product xRapid.
Ripple CEO Brad Garlinghouse later claimed that one year later, the MoneyGram transaction "will have more impact on the encryption market than the Libra white paper."
Strong dissatisfaction from the XRP community
This week, Garlinghouse commented on some of the controversies raised by the Ripple project. Some of these token holders are very dissatisfied with Ripple's sale of XRP tokens to its customers, saying it will have a serious negative impact on the market.
At the same time, an ongoing class action lawsuit against Ripple has recently been amended. In the lawsuit, a disgruntled investor said Ripple sold the XRP as an unregistered security, in violation of federal law.