The news of Western union partnering with Ripple is an affirmation that the blockchain company is pulling all efforts to become the bomb in global money transfers. While this news came as a good omen for Ripple enthusiasts, many a number of events have surfaced that have the potential to be propellers of the cryptocoin.
A whole lot of observers won’t deny that Ripple is doing fantastic with many firms testing its tools for cross border transaction, and some banks partnering with the firm after careful observations and guarantee that Ripple is the next thing in cross border transactions.
While we think of Western Union and MoneyGram as source of developments for Ripple, especially now that there are numerous assertions that the New WU applications is depending on RippleNet, there are some collaborations that will enhance Ripple in the next few months.
The Japan Consortium Of Banks
When the news of the Japan Bank Consortium having a link with Ripple surfaced, the world see it as a big move for Ripple. The consortium, which is a coalition of 61 banks in Japan is organized by SBI Ripple Asia. In an announcement, the consortium revealed the launch of a new Ripple pilot with Woori Bank and Shinhan Bank who are seen as the two largest South Korea’s banks due to their market cap amounting to $30 billion.
The idea was touted as the first time money moves from Japan to Korea over RippleNet, using Ripple’s settlement technology, xCurrent, for cross border transactions.
It is supposed to be one of the highest propeller of Ripple in recent time. While it has the potential to change Ripple, there are many things that could be done to at least make this banks have complete trust in Ripple. If they are able to, full partnership with 61 banks is not a joke, it is a big deal.
Allvor: The First Cryptocurrency to be Hosted On Ripple
Allvor is another feather to the cap of Ripple. It is branding itself as the first cryptocurrency powered by XRP Ledger with a distinct functionality and a focus on e-commerce. Allvor proposed integration, using XRP ledger superior technology, if widely accepted, it will go a long way in boosting the cryptocurrency use on a global scale.
The team behind the idea says the Allvor Project is an independent initiative, which has no support or sponsorship from Ripple Company, but will use the XRP Ledger which is a development of the Ripple Company, the best and most efficient distributed database technology ever made.
“In the next years, the best and most consistent blockchain technologies will transparently integrate and operate with the various layers and protocols required to conduct financial and business transactions,” the team has said.
“The Allvor Project will be focused on developing and encouraging the development of such integrations in order to promote the widespread use of the ALV token along with the systems that support the trade of products and services, ranging from small virtual stores to large e-commerce players.”
Allvor is going to keep many mouth shot once it is accepted by Ripple, it will make the platform completely appear decentralized and kill the rumor that Ripple is not in any way decentralized. Aside the fact that it is going to make Ripple appear decentralized, Ripple HODlers also have the opportunity to receive ALV coin without necessarily buying it.
On like other cryptocurrencies, Allvor does not plan any form of ICO or a crowdfunding to gain funds for managing the system as other coins have been doing. The platform says its initial distribution will be made directly to the XRP holders’ community using the Initial Distribution program as a yardstick.
Ripple-Saudi Arabia Partnership
The Saudi Arabian Monetary Authority’s (SAMA) partnership with Ripple is going to save the oil rich country of $200 -$400 million annually. The partnership gives banks in the kingdom an opportunity use Ripple tools for cross-border payments. SAMA, by indications, is going to be the second central bank in the world to introduce Ripple’s blockchain-based cross-border payments platform, after the 2017’s Bank of England’s pilot project.
According to Dilip Rao, the global head of on infrastructure innovation at Ripple said, “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
The next big deal in the blockchain world is the Ripple-Saudi Arabia Partnership. Saudi has a lot of countries toeing its path in the Middle East, if Ripple manages the partnership to taste, there is possibility it gains more support and collaborations in the region.
Conclusion: Ripple is on the verge to becoming a replacement for banks. Many say it is only connecting banks together, however, by the look of things, it has the potential to replace all banks.