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American Express To Deepen Ties With Ripple Despite Criticism Of Blockchain Platform

Blockhain Tech
Updated

It is no secret that Ripple (XRP-USD) is one of the most controversial companies in the crypto industry. However, according to Stefan Thomas, the Chief Technology Officer of Ripple, much of the criticism comes from crypto market players who view the nature of Ripple’s business model as a threat.

It is in this backdrop that the CTO has revealed that some major payment companies are angling to have a share of the platform’s benefits. Speaking to Chris Ward of the “Gregarious Mammals” podcasts, Thomas revealed the possibility that American Express (NYSE:AXP) may be testing xRapid for utilization.

xRapid is a payments solution based on the Ripple blockchain platform that allows for quick and seamless transfer of money between banks across borders. The platform can also be utilized by other firms in the financial services industry to enable their customers to settle transactions from digital tokens to fiat without much of a hassle.

Huge boost for XRP

American Express is one of the world’s largest companies in the financial services sector. The corporation provides credit cards that are accepted in most places globally. In light of this, if the revelation by Stefan Thomas is anything to go by, there will be a huge boost for XRP in terms of both circulation and adoption. This is why XRP investors are bullish about the digital token becoming “a global standard for payments all across the world.”

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The entrance of American Express onto the xRapid platform will be an addition to the already lengthening list of high profile firms that are using the platform. Some of the companies already utilizing the platform include SBI Group Japan through its subsidiary SBI Holdings Limited, and Mercury FX from China.

xCurrent

Meanwhile, American Express has confirmed that it is integrating another product of Ripple blockchain network in its operations. Speaking during the last day of The Money 20/20 event in Amsterdam, Colin O’Flaherty, Vice President of American Express, announced that AmEx was “officially using xCurrent”. Run on the Ripple platform, the application offers financial solutions that enable financial institutions “to instantly settle cross-border payments with end-to-end tracking.”

The post American Express To Deepen Ties With Ripple Despite Criticism Of Blockchain Platform appeared first on Market Exclusive.