Note from the CEO: More new applications, more global banks teaming up and Ripple’s digital currency shines in the spotlight. Known as R3CEV (sounds like a tracking number) this blockchain consortium of 12 banks has completed trails with Ripple’s XRP. Anyway to get funds to customers faster and cheaper around the world (or block) is awesome. Go Ripple.
“It’s no secret that cryptocurrencies have undergone a dramatic rebrand.
No longer perceived as a detriment to banks and governments, cryptocurrencies are now being hailed as “digital assets”. As more and more financial intuitions become comfortable with the blockchain technology on which they are based, they are openly discussing a future when the financial tools are just another part of the industry.
Now, a dozen banks have announced the completion of an initiative during which they tested a potential application of a digital asset. Revealed today, 12 member banks of blockchain consortium R3CEV have completed a series of trials using distributed ledger startup Ripple’s native asset, XRP.
The trials, conducted in an environment set up at R3’s lab, were designed to show how banks could save money and create new revenue streams by using XRP to provide liquidity to their many bank accounts around the world.