The eighth biggest bank in the United States, PNC has become the nations first to start using the RippleNet blockchain network for cross border payments.
Reports recently surfaced saying that PNC Treasury Management is now offering RipleNet-based cross-border payment solutions to its commercial clients, claiming that the blockchain solution will give them.
“The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
MoneyGram
PNC had first revealed its plans to use RippleNet but more specifically, the liquidity product xCurrent back at the end of 2018.
At the time though, the announcement caused the value of ripple’s digital token XRP to skyrocket.
XRP is not seeing a price boost though. In keeping with the rest of the crypto market, the digital asset is very much in the red, trading down by around 6 percent on the day.
The Global Institutional Markets, Breanne M. Madigan has suggested that the price is not the only parameter firm insiders are looking into.
As reported by CoinTelegraph, Madigan shared the data last week which showed that “while overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Mexican crypto exchange Bitcoin surged by over 25% during the same period of time that MoneyGram payments into Mexico using XRP went live.”
Before we go any further, it’s worth us saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Madigan said that the data is a sign of a real use case in driving real volume.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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