In a shocking announcement today, Banco Santander UK has revealed it is using Ripple’s XRP digital asset for cross-border settlement to 18 European countries and the United State of America.
Replying to a comment on Twitter, Banco Santander UK, an international bank with over $80 billion turnover, said payment with Ripple’s XRP is made possible through One Pay FX that was launched last year.
“Hey Wes, we’re doing great. We’re using XRP for international payments to 18 EU countries and the USA. This is on our iPhone app called One Pay FX. ^TC”
Hey Wes, we're doing great. We're using XRP for international payments to 18 EU countries and the USA. This is on our iPhone app called One Pay FX. ^TC
— Santander UK Help (@santanderukhelp) March 23, 2019
Friday, 22 March 2019 , Today’s Gazette published that Ripple blockchain-powered Santander One Pay FX app saw 230% Growth within 8 Months that it was launched.
One Pay FX, being the maiden blockchain-based retail payments solution, was said to be perfecting payment across four countries: Spain, Brazil, UK and Poland.
As per the latest announcement today 23 March 2019, One Pay FX is now being used in 17 European countries and the United State of America, a service that has the potential of increasing the adoption of XRP token across the globe.
This declaration by Santander sounds strange to many people owing to the fact that One Pay FX survives on Ripple’s xCurrent, an enterprise blockchain solution designed to strengthen payment across border.
However, Ripple had announced in the past that xRapid, which is dependent on XRP, and xCurrent have been linked with RippleNet. This affirms that it is possible for Banco Santander to be making use of XRP with the integration of RippleNet.
Ripple (XRP) Gets Upper Hand In Middle East With Rain Support
Aside liquidity increment, Ripple’s XRP is gaining more recognition in the Middle-East despite the stringent law in the area. According to an update released on March 20, XRP crypto asset made it into a Sharia compliant cryptocurrency exchange based in Bahrain, Rain.
Rain made the declaration in a twitter update, stating that the support which it added for XRP will make the asset tradable with fiat currencies like Bahrain Dinar, Kuwaiti Dinar, UAE Dirham, Saudi Riyal, Oman Rial and the US Dollar.
XRP is now live on Rain pic.twitter.com/5H5wrsjaj0
— Rain (@rainfinancial) March 20, 2019
A report by Saudi Gazette disclosed that Rain is the first crypto exchange to graduate from Central Bank of Bahrain’s (CBB) Regulatory Sandbox, and it has also been certified by the Shariyah Review Bureau (SRB) as a Sharia compliant exchange. This means that the SRB, after reviewing Rain’s brokerage service, found its sale, purchase and custodian activities in conformity with Shariah principles.
“With more than 13 years of experience in the Shariah certification and Shariah audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors,” Rain noted.
Musing over the latest development, many have stated that the native crypto asset of Ripple, XRP, would be handed great advantage over its contemporaries in the Shariah stringent area and beyond, thus meaning huge adoption for XRP.
Adjustment: Santander has just confirmed that the information shared on its Twitter account is false.
The tweet reads: “We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only.”
We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only. You can find out more here: https://t.co/EGWMMqZhkA.
— Santander UK Help (@santanderukhelp) March 24, 2019