Ripple has slowly been building up a global network of partners who use their technology and services. If Navin Gupta is to be believed, there are nearly 350 financial institutions using RippleNet, with more to be added in the near future.
Ripple’s technology has been of great interest to banks and other financial service providers.
Ongoing Ripple Growth Among Financial Institutions
Tapping into more liquidity at a lower cost and settling transactions faster are major selling points, after all.
Navin Gupta, managing director for Ripple South Asia, North Africa, and the Middle East, has confirmed that things are progressing nicely.
In fact, Gupta claims that nearly 350 financial firms are using Ripple technology for payments.
More specifically, these institutions use this technology “every day”, which is rather impressive.
Such ongoing growth despite the COVID-19 concerns is worth taking note of.
Looking back at figures shared last year, nearly 50 new partners have been onboarded since November 2019.
If everything goes according to plan, Ripple aims to increase its partners list to 400 by the end of 2020.
Based on the current growth rate, that figure seems attainable.
The financial impact of COVID-19 will force institutions to modernize their systems and provide a better customer experience.
Ripple seemingly provides the necessary tools to do exactly that.