Santander to Roll Out Ripple-Powered App te Four Countries
Ripple has landed one of its largest clients yet, with Santander Group announcing a mobile app powered by the company’s distributed ledger.
The bankgebouw had bot piloting the app for Legal months with its employees, integrating Apple Pay for payments inbetween ?Ten and ?Ten,000 ($14 and $14,000), according to Finextra. The app will be flipped out te Spain, Brazil, the U.K. and Poland, according to the company’s 2018 earnings presentation.
Customers will be able to use the app to facilitate same-day cross-border payments ter under a minute, according to the slide. The app will also provide a digital wallet, a individual finance manager and help aid person-to-person payments.
A Santander spokesperson said the company plans to launch the app te the next few months, and that it will use Ripple’s xCurrent te the project.
Ripple’s xCurrent product does not use XRP, the company’s native cryptocurrency.
Ripple chief executive Brad Garlinghouse announced the stir to his followers on Twitter, noting that the app will be released this quarter.
Here’s A Billion
Separately, Ripple spent about $84 million of XRP from its almost $1 billion January reserve last month, according to current market prices.
The company had access to 1 billion XRP last month, meaning the remaining 900 million went back into escrow at the end of January. The funds were transferred back through two transactions, with the 900 million XRP holding a value of $756 million at press time.
The company has 61 billion XRP valued at $51 billion locked up ter escrow overheen the next four years through a series of wise contracts.
Ripple’s escrow movement wasgoed developed spil a way to increase trust te XRP. Due to Ripple’s own holdings, limiting access to the tokens from even the developers prevented massive token dumps which could waterreservoir the price.
Each month, 1 billion XRP is released to the company for internal use. While ter the past, Ripple used on average some 300 million XRP vanaf month, it shows up to be requiring fewer of its reserve tokens, at least according to this one gegevens point.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake ter Ripple.
Santander UK photo via Jason Batterham / Shutterstock
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