Banking giant BBVA released a statement involving Ripple tests being successful.

BBVA claims successful tests using XRP for cross-border transactions where using the Ripple platform reduced a 3-4 day turnaround for money transfers to a matter of seconds.

“We think something really big is happening in this sector, and we want to be at the forefront. A successful string of moves can possibly catapult BBVA into the public eye within the US financial services sector.” - Onur Genc, BBVA Compass CEO

Ripple price is currently around 65 cents USD, which was over $2 at the beginning of the year.

Ripple's blockchain solution is a private one, meaning only involved banks act as nodes rather than a global base of nodes, which has both advantages and disadvantages.

Advantages being that for banks, they have control over transactions for compliance reasons, but lack security and immutability a global blockchain like bitcoin or Ethereum would provide. 

Regardless, a private blockchain may not be as secure as a global chain, but is still better than current traditional systems and for that reason, this is good news nonetheless. 

About Ripple

Ripple is a blockchain solution for cross-borer payments who received $750,000 in fines imposed by FinCEN in 2015 and powers it blockchain with the cryptocurrency of the same name, Ripple (XRP).

Self-stated, "Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets."





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