06-Apr-18, PaymentsSource
Bitcoin has been around since 2009. Since then a number of other cryptocurrencies such as Ripple, Ethereum, Golem and Litecoin have entered the picture. When it comes to facilitating cross-border fund transfers, it looks like Ripple is already taking the bull by the horns.
%20Adobe%20Stock_PaymentsSource.jpg "Ripples just the start of blockchains takeover of cross border payments (c) Adobe Stock PaymentsSource")
Image: Adobe Stock_PaymentsSource
In a recent announcement, Ripple's CEO, Brad Garlinghouse, said that three prominent overseas money transfer companies are to put the company's blockchain technology to the test. MoneyGram was the first to start, and Western Union was quick to follow.
While banks have already turned to blockchain with the hope of creating a real-time worldwide network, a few are also looking at Ripple's blockchain technology to make cross-border funds transfers more efficient.
Examples include France’s Crédit Agricole, Latin America’s Itau Unibanco Holding SA and India’s IndusInd Bank.