Standard Chartered to extend its use of the Ripple [XRP] Network
Standard Chartered plans to extend its use of the Ripple network for cross-border payments to five more pairs of countries over the coming year.
Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than twelve hundred branches and outlets across more than seventy countries and employs around eighty-seven thousand people.
Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.
Ripple which is also sold on the idea of a decentralized currency and a blockchain technology transfers the centralized transaction structure to a decentralized structure but in the case of Standard Chartered, the Ripple Network enables the bank to utilize their technology in a centralized structure where Standard Charter utilizes the benefit of fast transactions but continues to keep control of the transactions maintaining a centralised structure.
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