Use cases that fuel the growth of cryptocurrencies have been on the rise as the industry looks to meet the expectations of traders and investors across the world.
Digital assets are well on their way to replace traditional financial systems as the technology becomes available on more platforms used daily.
One of the use cases that has made headlines over the last few weeks is the integration of Ripple into money transfer systems.
Ripple announced a partnership with money transfer giant, Moneygram, which will see the crypto firm’s Xrapid platform being used to facilitate money transfers across the world.
Ripple integration into banking systems
Sameer Gard, Vice President of Axis Bank India, spoke about how the integration of crypto ecosystems is the backbone of mass adoption of cryptocurrency. The Vice President was speaking at an event in New Delhi where he highlighted the partnership between Axis Bank and Ripple.
-More and more banks and financial institutions will join Ripple’s platform
-Not only the volume of transactions will increase, but also the use cases
Sameer Garg, Axis Bank pic.twitter.com/ivJyFugmIV
— Steven Bull From the Diep (@DiepSanh) August 20, 2019
Gard was answering questions about how Ripple has changed the money transfer landscape in India and across borders. He said that Ripple’s platform has come at a time when cryptocurrency is becoming popular.
More people can only use the platforms if the number of partnerships between Ripple and financial institutions increases. The current numbers are limited, but there is a steady increase across the world.
Some of the banks that have partnered with Ripple include Ram Bank in the UAE and Standard Chartered Bank in Singapore.
Gary mentioned these banks in a bid to show that Ripple’s money transfer platform is steadily expanding. As more banks join the system, the overall size of the ecosystem grows and along with it, transaction volumes.
XRP value unaffected by Xrapid expansion
The expansion of Ripple’s money transfer system was expected to boost the value of Ripple’s XRP token. However, the token has experienced little movement despite the partnerships Ripple has signed with Moneygram and banks such as Axis Bank.
Currently, XRP is trading around the $0.26 mark and has a market cap of $11.045 billion. The cryptocurrency is experiencing a daily trading volume of about $1.073 billion. These numbers can be expected to grow as more options for the trade of Ripple become available.
As more banks adopt the platform, options such as the ability to buy Ripple with PayPal can be expected to become more accessible to traders, and this would boost the token’s value.
The expansion of the territories in which Ripple is available in also another factor that is critical to the growth of the native token.
Ripple has a payment application called One Pay FX which can be used to send funds to the US from the UK and Spain. Recently, the cryptocurrency firm made headlines after a connection with Latin America was established.
A payment was facilitated through Santander, one of Ripple’s partners. If Santander continues to use One Pay FX in the territories they operate in, Ripple could become available in many Latin American countries. Santander provides its services in Argentina, Chile, Uruguay, Brazil, and Mexico.