American Express (Amex) have today announced that they will be working with Ripple in order to improve the speed of cross-boarder payments, by using Blockchain technology.
A press release by American Express stated the following:
The American Express® FX International Payments (FXIP) business is working with Ripple, provider of enterprise global blockchain solutions, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security that American Express customers know and expect. Santander UK is the selected partner to initiate this exciting new transaction channel, which has the potential to expand substantially over time.
Amex have stated that they will be providing the service in partnership with Santander UK. The news goes to show how much of an impact Blockchain technology (which started with Bitcoin) is having.
The news has caused a spike in Ripple’s XRP, which has risen by almost 25% since the announcement.
The announcement does not however mention that Amex will be using Ripple’s XRP. Ripple have stated that their currency (XRP) will ‘come into play later.’ Many investors are awaiting for XRP to hit the $1 mark. We are not investment advisors, and the Crypto market is very difficult to predict, but we do not believe this announcement on its own is enough to push the price of XRP up to $1. We await to hear further information on just how Amex plan on using Ripple’s network and whether they will adopt XRP or use some other crypto.
We expect more financial institutions to follow in the near future. This is certainly exciting times for all those who have followed Blockchain technology.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.