- There has been a debate amongst the 5,000 Tranglo partner banks about the role that XRP plays in their transactions.
- Although there has been no official confirmation, a pro XRP lawyer has defended Ripple payment and XRP’s use.
The Ripple Payment and XPR will dominate the future financial Start with partnerships with the traditional banks. Ripple and XRP provide the infrastructure for faster, cheaper, and more efficient transfers.
Ripple’s massive progress in partnership isn’t enough to convince everyone that banks are using Ripple Payments and XRP. After a recent controversy on the X Platform, it became clear that this was true. All of it began with a Financial Times article from 2018, stating that no banks used XRP.
Bill Morgan, a pro-XRP prominent lawyer who noted that Tranglo used XRP to facilitate its international payment services through Ripple’s ODL platform, sparked a discussion. Ripple has an extensive network of banks that could be used to utilize XRP. Morgan explained, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.”
One user noted that there was no confirmation from any bank of XRP usage. He pointed out “Nowhere does it say they use XRP. You CAN use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” Morgan could defend his position by sharing an image which captured the involvement of both parties. “You did not prove that no banks in that network are not involved in ODL.” Further, He asserted.
In spite of the increasing controversy, there is no way to know how many banks are using Ripple. Ripple has been used by many banks over the past few years. Some of the most notable banks include Santander (USA) Canadian Imperial Bank of Commerce (Canada) Kotak Mahindra Bank (India) Itaú Unibanco (Brazil) IndusInd (India) InstaReM (Singapore) BeeTech (Brazil) Zip Remit (Canada) LianLian (China) RAKBANK (U.A.E.) IFX (U.K.) TransferGo (U.K.) Currencies Direct (U.K.) Airwallex (Australia) SEB (Sweden) SBI Remit (Japan) Siam Commercial Bank (Thailand) and Krungsri (Thailand).
Ripple is confident that it will be able to form more partnerships in the U.S. but the Ripple SEC lawsuit has slowed down its progress. CNF has highlighted that a crucial deadline is fast approaching. The March 22 deadline is fast approaching, as it will be a crucial day for the Ripple vs. SEC case. On that date, the regulator’s opening brief regarding proposed XRP remedy proposals will be presented. The SEC is rumored to be a potential defendant in the Ripple vs. SEC lawsuit. contemplating This case is finally over.
Recently, CNF reportedTranglo has entered the European market, advancing its strategy of expansion. Tranglo’s collaboration with Inpay and the adoption of Instant SEPA will transform the way cross-border payment are made across the entire continent. Tranglo has made a significant advancement in its global reach with this partnership, particularly in Europe and Asia.
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Source: www.crypto-news-flash.com