Ripple’s XRP has been struggling to keep up with the rest of the major altcoins and didn’t rally even when others seemed to. However, the company’s network of financial institutions, RippleNet, has just on-boarded PNC, the eighth biggest bank in the United States. PNC has decided to conduct cross-border transactions using the Ripple platform.
PNC Treasury Management is now the first bank in the U.S. to adopt RippleNet. The institution is offering its customers an instant way to send and receive payments from parties overseas, definitively changing the current status quo as it relates to cross-border payments.
PNC first hinted a collaboration with RippleNet back in September last year. At the time, it was announced that the Treasury Management arm of the bank would be focusing on using xCurrent specifically. Ripple also noted that the use of xCurrent would allow the bank’s business clients immediately receive payments for their invoices, fine-tuning the entire process. Even though David Schwartz, Chief Cryptographer at Ripple, expressed his reservation that banks might not be very interested with RippleNet due to scalability and privacy issues, PNC still went ahead.
Very recently, Ripple CEO Brad Garlinghouse, was forced to respond to stories floating through the cryptosphere about the company’s continuous XRP dumps. According to him, the dumps were done to help push for adoption of XRP. Investors are however unhappy with the situation because XRP is not seeing any considerable increase, and have threatened to fork the network.
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