Because of this, Santander is reluctant to use XRP

Source: Adobe / Casa and photo

Although the major Spanish bank Santander is touted as one of Ripple’s “largest and most important customers”, it is still hesitant about the XRP token associated with Ripple.

Cedric Menager, head of Santander’s new cross-border payment service, One Pay FX, told the Financial Times that the bank’s main problem with XRP is that it is not yet actively trading in enough markets to fully meet its needs, while that Companies want the best user experience “as fast as possible and from the start in as many currencies and corridors as possible.”

According to an announcement by Ripple last month, One Pay FX was developed by Santander in collaboration with Ripple to make international transactions “faster, cheaper and more transparent”. However, the announcement didn’t state whether the new solution would use XRP in any way.

According to the Financial Times report, Santander continues to “get some of [Ripple’s] Software in payment service “, although it was not specified how exactly Ripple is involved in the project.

Today’s news isn’t the first time Ripple has struggled to get banks to use the XRP token. Brad Garlinghouse, CEO of Ripple, blames the problems in part on regulatory uncertainties in the US as to whether the token will be regulated as collateral or not the report.

Even so, Garlinghouse claimed his company was still fully committed to XRP, despite admitting that it could take “years” to get the most out of the token. “We are capitalists, we have a lot of XRP. Am I interested in the entire XRP market? 100% “, the Ripple CEO was quoted as saying.

And while the company frequently reiterates that XRP is important to them, other comments from the CEO also indicated that Ripple is looking beyond the payments sector to expand its offering in the blockchain space and Ripple is once again with e-commerce giant Amazon to compare.

“Amazon started out as a bookseller and only sold books. We started making payments by chance. In two years you will find that Ripple is for payments like Amazon is for books, ”said the CEO of the Financial Times.

These new projects include the Coil content monetization platform, to which Ripple has awarded $ 260 million, with most of the funds earmarked as grants to attract content creators to join the platform.

Now, after a year with Coil, the platform appears to be generating little returns. A writer on the platform said the payments he was able to generate for engaging readers was only about $ 15 since the start of the year he’d received from Coil XRP of $ 2,250 as an incentive to keep writing on the platform.

In similar news this week, Ripple partner Flare Networks announced that it was launching a new token that XRP holders can claim one-on-one. According to the announcement by Hugo Philion, CEO of Flare Networks, the new tokens, named Spark, will enable intelligent contract functions for XRP users.

At pixel time (10:52 UTC), XRP is trading at USD 0.276 and is down 3% in one day and 8% in a week, bringing monthly earnings down to less than 40%. The price has dropped 6% in a year.

Learn more:
XRP jumps as Ripple sees increased demand from institutions
XRP & Ripple were also struck when Team Bitcoin expanded the Ethereum Battle

Comments are closed.