The first bank to adopt the Ripple’s XRP-powered xRapid have shared that it has successfully implemented the technology. Euro Exim Bank is now working closely with technical resources at Ripple, and have successfully implemented the xRapid system for customers requiring low-value remittances in currencies and jurisdictions typically subject to large exchange costs, liquidity and delivery time.
Euro Exim Bank was a pioneer to employ Ripple’s payment system and adopt xRapid. They are planning to use the company’s xCurrent for a pilot new Trade Finance System. It was revealed by the bank’s head of compliance and operations Graham Bright spoke to Global Trade Review to discuss the announcement. It has already been using xCurrent messaging service.
The Chairman board of Belarusbank, the largest financial institution in the country, Viktor Ananich has revealed their plan in launching their own cryptocurrency exchange. It shared that they will penetrate the cryptocurrency market is due to its rapid development globally and as an effort in keeping with the digital industry parallel with their important focus for 2019 that is digitization.
Bitstamp cryptocurrency exchange has established a partnership with a Swiss online bank, Dukascopy to enable cryptocurrency funding in the platform. Dukascopy then explained, “This partnership represents another step towards our goal of bridging the gap between crypto and traditional finance. It is further proof that our efforts in compliance and regulation for the cryptocurrency industry.”
ING Bank has revealed that they have signed the agreement with the R3 blockchain consortium for five years which allow the ING Bank to implement the Corda blockchain platforms in its branches. With the agreement, ING Bank could utilize the features offered in CorDapps in terms of customer verification, insurance, trade financing, and capital markets etc.
A Swiss private bank, Falcon Private Bank inspired with the step taken by the Liechtenstein-based Bank Frick and Zurich-based investment bank, Vontobel and will be offering cryptocurrency services soon. Falcon vision to integrate cryptocurrency in the finance industry and will allows its users especially the cryptocurrency owners to convert their digital assets into fiat currency seamlessly.
A poll has been conducted by the Bank of England in their official Twitter account and unveiled that the majority of the participants who participated in the poll have preferred to receive their Christmas money through cryptocurrency. The poll have been receiving a positive response from the Twitter and shows that Ripple XRP to be the most preferred cryptocurrency.
The Bank Hapoalim, Israel, exploring blockchain systems pronounced its notion to come together with Israel Aerospace Industries (IAI). They are aimed at brainstorming about the blockchain technology. “The new collaboration will help us develop into high potential areas such as blockchain technology”, said the IAI CEO, Joseph Weiss.
The Bank of America Merrill Lynch imposed the ban on its customers investing in Bitcoin Investment Trust (BIT) reported Reuters. The BIT is a fund offered by Grayscale Investments, the firm Barry Silbert who is former Wall Street investment banker. He responded to the Reuters quoting they look forward to address concerns over BIT.