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Cryptocurrency News, Ripple XRP News

PNC becomes the first US based bank to use RippleNet

PNC Bank have become the first American based bank to go live with RippleNet. The deal that was signed in Sept 2018, has now become a working partnership, confirmed earlier today. PNC will use Ripple’s services to help settle cross-border payments, with the plan to eventually move over to Ripple’s xRapid liquidity on-demand solution.

With PNC’s clients now being able to benefit from blockchain technology, it is likely that additional institutions will follow suit in due course. Ripple have continuously been building and adding partners to RippleNet. In light of Facebook’s Libra announcement, they expressed that they had record breaking sign-ups. As with all disruptive technology, a lot of work goes on behind the scenes, and building the infrastructure is often a very long process that yields very little results. However, once momentum starts to kick in, the fruits of patience will be seen.

Ripple’s slow and steady roll-out plan of RippleNet, including xRapid has been gaining momentum in recent months. Although this has not been reflected in the price of the XRP token, investors will remain hopeful that xRapid use will see that change sooner rather than later.

Image licensed via Shutterstock

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