Santander Launches Blockchain Payments Service

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Santander Launches Blockchain Payments Service

Banco Santander S.A. (SAN), or the Santander Group, is the first bank in Europe to employ blockchain technology for the international transfer of client cash. After two years of development, Santander One Pay FX, aripple-enabled mobile app for cross-border payments leveraging its xCurrent platform, is now accessible to Santander’s retail clients in four countries. The underlying distributed ledger technology is used by the business to facilitate same-day international money transactions.

While the distributed network platform utilized for the new app, xCurrent, does not employ Ripple’s XRP, the digital token rose on Thursday as part of a bigger rise in the cryptocurrency industry. XRP was trading at $0.64 on Friday at 11:36 UTC, representing a rise of more than 30% in 48 hours.

(See also: Bitcoin Will Become the World’s ‘Single Currency,’ According to Dorsey.)

Ripple Inks Deals with Financial Institutions for Distributed Ledger Tech, XRP Jumps 30%

The decentralized network that records an enormous and expanding list of transactions was first used to support bitcoin, the world’s biggest cryptocurrency by market capitalization, and has since been experimented with by major banks and large corporations for a number of purposes. Leaders in a variety of industries, including JPMorgan Chase & Co. (JPM), Walmart Inc. (WMT), and International Business Machines Corp. (IBM), have invested in blockchain projects for a variety of potential use cases, particularly as a means to store and share data and transactions in a simple, dependable manner.

Santander’s blockchain-powered foreign exchange platform is now available in Spain, the United Kingdom, Brazil, and Poland, with more nations to follow in the coming months, according to the bank. According to the Financial Times, foreign currency transactions from the four nations originally supported by the app may account for over half of Santander’s retail customers’ volume.

  Is Africa The Next Big Market For Cryptocurrencies?

In 2015, the Spanish banking behemoth’s fintech venture capital fund, InnoVentures, contributed $4 million to Ripple’s first round of investment, part of a $32 million Series A round. Ripple, the startup behind the digital currency XRP, secured two arrangements with money transfer companies MoneyGram International Inc. (MGI) and The Western Union Co. (WU) earlier this year. Ripple invested $25 million in Blockchain Capital, a venture capital business focusing only on the blockchain technology industry and the crypto ecosystem, on Wednesday.

(See also: Crypto Trading Is Skyrocketing in Japan.)

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