RippleNet will be used by a UK currency exchange company, Moneynetint. The company is yet another partnership that RippleNet has launched in recent weeks, since it was created by Ripple. With a blockchain payment system, the technology developed by RippleNet will be a great alliance with Moneynetint.
RippleNet was recently launched as a promising technology. Through this platform, xRapid software was created as a solution for transactions and payments between institutions. While the market has not responded so positively to these Ripple releases, no one can deny the potential of RippleNet and xRapid.
Moneunetint has already transitioned to RippleNet technology
Moneynetint is a UK asset-based company. With its business-oriented activities, Moneynetint operates transactions between distinct fiduciary currencies for several UK companies. The partnership between Ripple and Moneynetint was announced this past Tuesday (16).
In addition to currency exchange services, Moneynetint allows to send and receive money through different countries. Therefore, RippleNet will be used to provide technological support for these types of services.
According to the company, the transition phase to technology offered by RippleNet has already been successfully completed. All transactions involving Moneynetint will rely on RippleNet’s blockchain technology thereafter.
RippleNet disappointed and made Ripple’s price plummet
RippleNet can already be considered a successful technology by Ripple. With more than 100 members, RippleNet is already used by several companies and banking institutions, such as Santander. Ripple ensured that the technology was deployed in various businesses. RippleNet’s potential is virtually unlimited. It provides more security, speed and savings for cross-border transactions.
On the other hand, RippleNet was not so well received by the cryptocurrency market. The technology was launched about three weeks ago and since then the price of Ripple (XRP) has plummeted . Much anticipation about this launch has made the market reacted negatively, although the brilliant performance of the technology has not been refuted by the market.