Ripple Adds 10 New Financial Firms to 'Blockchain Network'

[bbc.reporter]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.



The new partnerships find Ripple showcasing its reach and influence. New members include MUFG (Japan), BBVA (Spain), SEB (Sweden), Akbank, Yes Bank (India), Axis Bank (India), SBI Remit (Japan), Star One Credit Union (US), EZ Forex (US) and Cambridge FX (Canada).

In an interview, Ripple VP of product, Asheesh Birla explained the company is beginning to define its offerings in more collaborative terms. While its product allows for faster cross-border payments, Ripple is also creating a set of standards for banks to follow while using its underlying tech, he said.

Read the full article http://www.coindesk.com/ripple-touts-blockchain-standards-push-10-new-banks-join-network/

[bbc.reporter]

No one knows the answer for this? I have seen 2 Ripple employees post in the forum, I hope they see this thread and give us more information about their arrangement with the banks.

If anyone of you know or have a speculation of what kind of deal they have with the banks let us know. XRP is rising quickly and we need to know the story.

[2Pac]

I think these banks try to take advantage of blockchain technology using Ripple, they'll get cheaper swift transactions. And while they still get more money from customers their cost is decreased. Compare Ripple fees and swift fees.
Banking system is changing, they need to adopt this new system. First banks which use this blockchain technology will get one step ahead of their opponents.

[densuj]

No one knows the answer for this? I have seen 2 Ripple employees post in the forum, I hope they see this thread and give us more information about their arrangement with the banks.

If anyone of you know or have a speculation of what kind of deal they have with the banks let us know. XRP is rising quickly and we need to know the story.

Yes wait and see until there are explaining from ripple employees in this forum, will gives us good informations and answers than we just can make speculation about their business right now, unfortunately on their article they doesn't gives us large informations about the projects, should they gives the explaining about their projects on here, i think it will takes the new investors, comunity from here.

[Febo]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.

They get XRP fro free to build infrastructure. So something to use XRP easier for everyone.

[ven_bug_trap]

Definitely gonna wait until some Ripple employees comment. There doesn't yet seem to be any concrete information on whether and, if so, how banks are gonna use Ripple. From my perspective, any investment in them currently is pure speculation, although it will pay off hugely if banks do indeed manage to make use of Ripple in a meaningful way.

[Spoetnik]

I said it a thousand times here.. banks don't need Ripple ICO scam coins.. or other Ripple bullshit 
No reputable bank would touch this Ripple crap.

[bbc.reporter]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.

They get XRP fro free to build infrastructure. So something to use XRP easier for everyone.

The banks get XRP for free while the cryptocoin followers buy them because they speculate it will have far more greater value than today. That looks like a scam model if what you said is true. How did you know that Ripple gives them away for free to banks?

[Ryse]

I said it a thousand times here.. banks don't need Ripple ICO scam coins.. or other Ripple bullshit 
No reputable bank would touch this Ripple crap.

Can anyone else without as much of a shitty reputation level as this Spoetnik troll chime in?

Does btctalk have an ignore feature yet?

[namini]

Quarterly Sales
In Q1 market participants purchased $6.7MM directly from XRP II, LLC*, Ripple’s registered and licensed money service business (MSB). These buyers tend to be institutional in nature and their purchases include restrictions that help mitigate the risk of market instability due to large subsequent sales.

[f0rmdeep]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.



The new partnerships find Ripple showcasing its reach and influence. New members include MUFG (Japan), BBVA (Spain), SEB (Sweden), Akbank, Yes Bank (India), Axis Bank (India), SBI Remit (Japan), Star One Credit Union (US), EZ Forex (US) and Cambridge FX (Canada).

In an interview, Ripple VP of product, Asheesh Birla explained the company is beginning to define its offerings in more collaborative terms. While its product allows for faster cross-border payments, Ripple is also creating a set of standards for banks to follow while using its underlying tech, he said.

Read the full article http://www.coindesk.com/ripple-touts-blockchain-standards-push-10-new-banks-join-network/

Well the first very well established use-case is to act as liquidity for world's forex movement.
I can go on a explain the whole lot here , or just point you to some really good articles that answer everything u asked. If after that you have any questions, feel free to ask. You got to do some homework by yourself right..

hope these links help :

This is from David Blair, who has been in Treasury for 25 years : https://www.linkedin.com/pulse/ripple-vs-swift-payment-revolution-david-blair
this is from Chandan Maddanna, a VP in jp morgan : https://www.linkedin.com/pulse/international-banking-flocks-ripple-chandan-maddanna    ( this article in particular compares and lists exact use-cases of XRP, ETH and BTC at the end , scroll down )


to put it shortly, before internet , networks had to connect to each other, trust each other, work with each other, make their networks "customised" for each other. AFTER internet, all they have to worry about is connecting to internet and make sure their data is a standard internet packet.

like so, after ripple, All banks have to worry about is connecting to RCL and having XRP, and by doing so they can forget worrying about partnering with 100 other organizations, trusting them, holding reserves at their branches, etc etc

Plain , simple whats not to understand ? it is called Network of Value, like Internet is Network of Information. some have dubbed it as IOV ( internet of value )

and the gentleman above is a troller i think. XRP usecase is evry well established and SBI Group japan is even in preparation to LIST and USE XRP for their transfers locally and globally

www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/170301presentations.pdf

this is their shareholder presentation, you can search for ripple and XRP and see specific slides.

good luck.

[f0rmdeep]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.

They get XRP fro free to build infrastructure. So something to use XRP easier for everyone.

The banks get XRP for free while the cryptocoin followers buy them because they speculate it will have far more greater value than today. That looks like a scam model if what you said is true. How did you know that Ripple gives them away for free to banks?

until and unless people give sources, you can be rest assured of misinformation. you shoudl look for actual sales and related reports ( after all ripple is a registered, answerable and responsible company, unlike so many other coins who can take of and run with your money anytime ) :

here you go , not trolling, not saying my own opinions either, actual sales and report :

Q4 - 2016 - https://ripple.com/xrp-portal/xrp-resources/q4-2016-xrp-markets-report/
Q1 - 2017 - https://ripple.com/insights/q1-2017-xrp-markets-report/


:-) some groups are sure ganging up to spread mis-information on ripple. may be because they cannot make any money with ripple, unlike other basement coins ? :-) something to think about.

[f0rmdeep]

I said it a thousand times here.. banks don't need Ripple ICO scam coins.. or other Ripple bullshit 
No reputable bank would touch this Ripple crap.

The current active XRP trials , including Commercialization + production :


>>SBI Japan finalizing their trials WITH XRP
https://twitter.com/Chan_Maddanna/status/857400519429697541 & japanese : http://www.sbigroup.co.jp/news/2017/0427_10658.html ( google can translate it for you )

>> Indian NPCI banks ( that is all major banks ) in talks with ripple for direct acct to acct transfers throguh rcl+xrp
http://economictimes.indiatimes.com/industry/banking/finance/banking/google-backed-payment-company-ripple-in-talks-with-npci-banks-for-account-to-account-transfers-globally/articleshow/58393329.cms

>> Other Ongoing XRP trials ( not just ripple, DLT etc, XRP Trials )
https://twitter.com/XRPedia/status/855767867110903809

I don't believe in FUD, opinions etc, neither trolling.

I have presented you facts directly from their sources. and this is only a tip of the ice berg.

Best,
f0rmdeep

[mining1]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.

Banks do not have to buy XRP, so in reality XRP is more of a gimmick / speculation toy. Do you remember hackergold token ? That team that released an ICO on ethereum ? It doesn't have any real usage, but they wanted to make money so that was the only option they found. It wasn't actually needed for their virtual accelerator dapp. They just wanted to capitalise on their dapp effort and simply weren't able to implement a token with real usage.

The same thing is with XRP. It has no usage for ripple or it's partners. It's just a speculation toy. Difference is, ripple own like 70% of total tokens and most tokens aren't even released on the market. The only side that wins from this speculation is ripple, because they can dump more and more coins on the market, dilluting people's investment.

Quote from ripple site "While XRP is not required to transact on Ripple*, it is uniquely positioned to create more competitive foreign exchange (FX) markets for cross-border payments". So basically ripple hopes speculators will attract even more greater fools, creating artificial usage. This helps them because they own most XRP tokens, so they can slowly dump without destroying it's "value" at once.

Proof on their site https://ripple.com/xrp-portal/ . So if you wanna gamble with your money, you're better of playing lottery. Or investing in dogecoin, bitcoindark, potcoin, ETC, Coynie West coin ( does it still exist ? ) and many others. Any of these shitcoins have/will have the same usage potential as XRP. Difference is, ripple has a better marketing because their company works, so basically they are legally "scaming" stupid speculators that think XRP is used by banks.

[f0rmdeep]

I want to ask what arrangement do the financial firms have with Ripple? Do they buy and hold XRP to have it as a stake on the network or do they run Ripple nodes to verify transactions? I keep reading all the news about every bank joining Ripple but there are no clear details. Maybe they are only testing it with no formal arrangement.

Banks do not have to buy XRP, so in reality XRP is more of a gimmick / speculation toy. Do you remember hackergold token ? That team that released an ICO on ethereum ? It doesn't have any real usage, but they wanted to make money so that was the only option they found. It wasn't actually needed for their virtual accelerator dapp. They just wanted to capitalise on their dapp effort and simply weren't able to implement a token with real usage.

The same thing is with XRP. It has no usage for ripple or it's partners. It's just a speculation toy. Difference is, ripple own like 70% of total tokens and most tokens aren't even released on the market. The only side that wins from this speculation is ripple, because they can dump more and more coins on the market, dilluting people's investment.

Quote from ripple site "While XRP is not required to transact on Ripple*, it is uniquely positioned to create more competitive foreign exchange (FX) markets for cross-border payments". So basically ripple hopes speculators will attract even more greater fools, creating artificial usage. This helps them because they own most XRP tokens, so they can slowly dump without destroying it's "value" at once.

Proof on their site https://ripple.com/xrp-portal/ . So if you wanna gamble with your money, you're better of playing lottery. Or investing in dogecoin, bitcoindark, potcoin, ETC, Coynie West coin ( does it still exist ? ) and many others. Any of these shitcoins have/will have the same usage potential as XRP. Difference is, ripple has a better marketing because their company works, so basically they are legally "scaming" stupid speculators that think XRP is used by banks.

every transaction on forex - that does not have an intermediary with "providing reserve" needs XRP of equal quantity. At current price, moving 100 USD form Japan to India will need 2500 XRP in reserve and will permanently destroy 1.4 XRP.  ( Learn about Deflationary currency that cannot be created anymore )

even by most conservative estimates moving just 3 billion USD of forex value using ripple cloud solution will lock up everything that is circulating.

So i want to ask you one thing .. WHAT are you talking about ?

UNLIKE you, i provide links on how this will happen :

https://www.xrpchat.com/uploads/monthly_2017_04/sbi1.jpg.f52fb881c06519f06992de6966cd0273.jpg
https://www.xrpchat.com/uploads/monthly_2017_04/sbi2.jpg.b3d8c3cde0da6cf6969131b17ad1c099.jpg
https://www.xrpchat.com/uploads/monthly_2017_04/sbi3.jpg.2bb77b2d079fb8a7619ae059c337be17.jpg
https://www.xrpchat.com/uploads/monthly_2017_04/sbi4.jpg.b8a40298154c64a35bd6da7e24b7caf9.jpg


and all those  slides come from SBIGroup presentation to their stakeholders ... ( not some loonie blog written by propaganda )

here :  www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/170301presentations.pdf
XRP Usecases on SLIDE 35, 36 and 37


you want to see which all banks are actually running XRP use-cases ?

here go please yourself :

https://twitter.com/XRPedia/status/855767867110903809

want more ?

here : https://twitter.com/Chan_Maddanna/status/857400519429697541

want it form the source ?

here : http://www.sbigroup.co.jp/news/2017/0427_10658.html ( google will be happy to translate it from Japanese to English )

[mining1]

I provided you link from Ripple's website fool. I know you're hoping for more greater fools, won't happen with me atleast. You're providing me links for banks working with ripple. I know that. I was talking about XRP not being needed by banks to use ripple. Get lost.

want it form the source ?
here : http://www.sbigroup.co.jp/news/2017/0427_10658.html ( google will be happy to translate it from Japanese to English )

Sure, GIVE ME FROM THE SOURCE. Oh wait. No mention of XRP, just ripple. As i expected.

Even ripple said the curent surge in price ( from when it was ~250mil ) came from bitcoin side.

Plus, even if XRP actually WAS used. Still, as a speculator there wouldn't be a point to BUY it because banks WOULDN'T buy from you anyway. Doh. They would simply take it from ripple who can make it out of thin air. And as a private company they can release as much as xrp they want. It is not decentralized and users/ miners wouldn't be able to oppose.

[papa13]

Why do you care about Ripple so much?

As a Bitcoin enthusiast, I'm reading your posts opposite of FUD --do you know what I mean? Good press bad press is still press, so there must be something else here.

Are you employed by Ripple or secretly own a huge stash (whale) trying to pitch a tent?

Everyone should be suspicious of embellished content like this; pro or con. It gives Bitcoin a bad rap in my opinion and implicates yourself in the process...but I'm just a nobody

[alani123]

Why do you care about Ripple so much?

As a Bitcoin enthusiast, I'm reading your posts opposite of FUD --do you know what I mean? Good press bad press is still press, so there must be something else here.

Are you employed by Ripple or secretly own a huge stash (whale) trying to pitch a tent?

Everyone should be suspicious of embellished content like this; pro or con. It gives Bitcoin a bad rap in my opinion and implicates yourself in the process...but I'm just a nobody

Ripple has potential to work as infrastructure and a gateway to forex markets for liquidity. If banks were to start using it as a medium of exchange, good for them. I don't think that Ripple should be viewed as a competitor of bitcoin because Ripple exceeds on being more of a centralized medium which is something banks can easily rely on in contrast to bitcoin. Decentralization favors the user more than the institutions.

[f0rmdeep]

I provided you link from Ripple's website fool. I know you're hoping for more greater fools, won't happen with me atleast. You're providing me links for banks working with ripple. I know that. I was talking about XRP not being needed by banks to use ripple. Get lost.

want it form the source ?
here : http://www.sbigroup.co.jp/news/2017/0427_10658.html ( google will be happy to translate it from Japanese to English )

Sure, GIVE ME FROM THE SOURCE. Oh wait. No mention of XRP, just ripple. As i expected.

Even ripple said the curent surge in price ( from when it was ~250mil ) came from bitcoin side.

Plus, even if XRP actually WAS used. Still, as a speculator there wouldn't be a point to BUY it because banks WOULDN'T buy from you anyway. Doh. They would simply take it from ripple who can make it out of thin air. And as a private company they can release as much as xrp they want. It is not decentralized and users/ miners wouldn't be able to oppose.

In every one of those links XRP IS MENTIONED. you are misleading people.

@People, please go to those links and study yourself. don't take my word, his/her word, or any word for it. fair and square, read from he companies invested  themselves and make your mind.

this mis-information campaign - what it will do is actually educate people thoroughly to a point, where it will backfire so hard. ...


all for the greater good, evolution shoudl continue. we cannot burn trees just for proving POW of some coin... when it serves no real life purpose. there has to be a better way. ETH and Ripple are better ways forwards.

they don't burn your electricity and computing power for nothing, they do it for good. one resolved logic the other establishes IOV. and i din't come here bitching about bitcoin, because i know value of bitcoin. I myself hold bitcoin.

but i cannot take this misinformation on ripple anymore, which is mainly made for transaction and to remove congestion of the world economy. in fact banks are trying to use ripple so that shops in japan can accept bitcoin with confirmation times less then 1 minute. Go Figure !

[namini]

@mining1
I'm not sure I follow you. If FI buy XRP whereas from you or not, it raises its value.
Ripple can't make coins out of thin air, and if they could that would ruin all their credibility.
It's decentralized you can run a validator, Mit runs a validator https://charts.ripple.com/#/validators/n9KvSsyJiheyFnivzFqChZ58pQgjwWWuc7Tp28WPzXbkdwqL6P5y

For FI and XRP I suggest to read:
https://ripple.com/files/xrp_cost_model_paper.pdf