The XRP community has been engaged in a lively discussion regarding the role of XRP in transactions among Tranglo’s 5,000 partner banks.
While there is no explicit confirmation from the banks themselves about the use of XRP, a lawyer who supports XRP has come forward to defend Ripple payments and the utilization of XRP.
Ripple payments and XRP are poised to revolutionize the financial industry, starting with partnerships with traditional banks. Ripple and XRP provide the infrastructure for offering liquidity and facilitating faster, more efficient, and cheaper transfers.
Although Ripple has made significant progress in establishing partnerships, there is still debate about the number of banks that actually use Ripple payments and XRP. This controversy arose on the X platform after a quote from a 2018 Financial Times report stated that no banks were using XRP.
Prominent pro-XRP lawyer Bill Morgan sparked the discussion by pointing out that Tranglo uses XRP in its cross-border payment services through Ripple’s On-Demand Liquidity (ODL) platform. Tranglo, a company backed by Ripple, has a network of nearly 5,000 banks, which makes it possible for XRP to be utilized. Morgan stated, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.”
However, one user pointed out that there has been no explicit confirmation of XRP usage by any of the banks. He stated, “Nowhere does it say they use XRP. You CAN use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” Morgan defended his argument by sharing a key image that demonstrated their involvement. “You did not prove that no banks in that network are not involved in ODL,” he asserted.
Source: Bill Morgan | X
Despite the growing controversy, it remains unclear how many banks are using Ripple payments. However, numerous banks have confirmed their involvement with Ripple over the years. Some notable banks include Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itaú Unibanco (Brazil), IndusInd (India), InstaReM (Singapore), BeeTech (Brazil), Zip Remit (Canada), LianLian (China), RAKBANK (U.A.E.), IFX (U.K.), TransferGo (U.K.), Currencies Direct (U.K.), Airwallex (Australia), SEB (Sweden), SBI Remit (Japan), Siam Commercial Bank (Thailand), and Krungsri (Thailand).
Ripple remains confident about securing more partnerships, particularly in the U.S., but its efforts have been hindered by the ongoing Ripple v. SEC case. As highlighted by CNF, an important deadline is approaching. March 22 is a critical day in the Ripple vs. SEC lawsuit as the regulator will present its opening brief on proposed XRP remedies. Speculation suggests that the SEC may be considering reaching a conclusion in this long-running case.
As recently reported by CNF, Tranglo, a prominent partner of Ripple and a global payment service provider (PSP), has expanded its expansion strategy by entering the European market. With the adoption of Instant SEPA and collaboration with the European fintech company Inpay, Tranglo is set to revolutionize cross-border payments throughout the continent. This partnership represents a significant advancement for Tranglo’s global presence, particularly in Europe and Asia.
Recommended for you:
Buy Ripple (XRP) Guide
Ripple XRP Wallet Tutorial
Check 24-hour XRP Price
More Ripple (XRP) News
What is Ripple (XRP)?
