Ripple Executive: About 350 Financial Institutions Now Leverage Ripple’s Payment Technology

Navin Gupta, a Ripple senior executive, recently stated that relatively 350 financial institutions are now leveraging the US-based blockchain tech’s payment technology.

Navin Gupta, who is the San Francisco payment firm’s managing director for the Middle East, South Asia, and North Africa, made this known in an interview with the international law firm Nishith Desai Associates.

Going by Gupta’s account, Ripple now has about 350 financial institutions using its global payment network on a daily basis.

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About a year ago, the payment startup revealed that nearly 200 banks and financial institutions across the world have joined RippleNet. This new development indicates that Ripple has been able to increase its customer base by roughly 75% in just a year interval.

Ripple keeps experiencing an increase in customer base, despite the inconveniences initiated by the spread of COVID-19 that makes business enterprises difficult across the globe. The firm’s target now is to accrue a total of 400 customers by the end of 2020.

As a report has it, a total number of 27 Ripple’s customers are now using the digital token XRP, either as a means to receive payment or to power cross-border money transfer.

A total of 13 customers out of the 27 have adopted Ripple’s payment software xRapid that uses XRP to transfer money across borders.

124,500,000 XRP Moved

According to Whale Alert, the tracker of large cryptocurrency transactions from and to exchanges, a total of 124,500,000 XRP worth $25,232,523 at press time, was moved some hours ago.

According to the report, 100,000,000 XRP worth $20,289,609 was transferred from Ripple Escrow wallet to Ripple, while 24,500,000 XRP worth $4,942,914 was transferred from Ripple OTC Distribution wallet to an unknown wallet.

As reported by Whale Alert, the movement of 100,000,000 XRP was noticed on 8th June 2020, at 03:46:21 UTC.

Whale Alert shared this, “100,000,000 XRP (20,289,609 USD) transferred from Ripple Escrow wallet to Ripple.”

🚨 🚨 100,000,000 #XRP (20,289,609 USD) transferred from Ripple Escrow wallet to Ripple

Tx: https://t.co/gFU4bgvX6H

— Whale Alert (@whale_alert) June 8, 2020

Also, the movement of 24,500,000 XRP was noticed and reported by Whale Alert on 8th June 2020, at 02:01:40 UTC.

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Whale Alert shared this, “24,500,000 XRP (4,942,914 USD) transferred from Ripple OTC Distribution wallet to unknown wallet.”

24,500,000 #XRP (4,942,914 USD) transferred from Ripple OTC Distribution wallet to unknown wallet

Tx: https://t.co/BSKVVHKko2

— Whale Alert (@whale_alert) June 8, 2020

At the time of writing, Ripple’s digital token XRP that occupies the fourth position in the crypto market is trading at $0.203403, with a 0.31% price uptrend based on 24 hours estimation.