Royal Bank of Canada: XRP and Ripple save banks 46% in costs

in trading •  5 months ago

Skærmbillede 2018-09-11 kl. 09.31.23.png
Image source:

The Royal Bank of Canada has released a report stating that Ripple's various technologies, including the XRP Ledger, can save banks and financial institutions time and money. The report says banks with ripple or XRP can save an average of 46% on costs per transaction.

Back in February 2016, the Royal Bank of Canada (RBC) announced that it was working on a new proof-of-concept based on ripple technologies. The purpose of the proof of concept was to evaluate how Distributed Ledger technology could affect different areas of the Bank's business when it is more widely implemented. The Royal Bank of Canada is the largest bank in Canada with more than 16 million clients.

According to the report now released, Ripple can eliminate the problems of the referral industry by eliminating middlemen, as well as reducing costs and increasing transparency. Remarkably, the Royal Bank of Canada refers not only to the xCurrent (not using the XRP token) payment solution, but also explicitly to the XRP ledger technology, where the XRP token serves as the bridge currency, for increased liquidity for banks to create.

Don't miss out on my next post! Follow me @tradewonk /

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

No one can stop the cryptocurrency revolution



Posted using Partiko iOS

Crypto is the future man !!

Posted using Partiko Android

Very interesting! Love to see more adoption!

You got a 15.34% upvote from @postpromoter courtesy of @tradewonk!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Hi @tradewonk!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 4.624 which ranks you at #1584 across all Steem accounts.
Your rank has improved 1 places in the last three days (old rank 1585).

In our last Algorithmic Curation Round, consisting of 271 contributions, your post is ranked at #194.

Evaluation of your UA score:
  • Some people are already following you, keep going!
  • The readers like your work!
  • Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!

Feel free to join our @steem-ua Discord server

Good thing for the crypto world @tradewonk.