- MUFG Bank examining Ripple’s cross-border DLT based solutions
- MUFG Bank (Japan) and Banco Bradesco (Brazil) sign a MoU
- Several financial institutions have already joined RippleNet
MUFG Bank, one of the leading financial institutions in Japan and the principal banking unit of Mitsubishi UFJ Financial Group, Inc., announced on November 9, 2018, the signing of a Memorandum of Understanding (MoU), with Sao Paulo based bank Banco Bradesco S.A. in a bid foster development of cross-border payment services.
Strengthening Payment Services with Ripple
Using Ripple’s expertise in cross-border remittance solutions, the two entities will work towards establishing a better payment mechanism between Brazil and Japan.
The cutting-edge solutions developed by Ripple Labs will help the banks in shaping a high-speed, traceable, and transparent international payment mechanism.
Headquartered in Tokyo, MUFG Bank is Japan’s largest bank in terms of assets under control. With a solid history of more than 360 years, the collaboration with Ripple is by no means trivial. Founded in 1943, the Brazilian bank Banco Bradesco is headquartered in the city of Osasco, Sao Paulo.
It’s worth pointing out that the allegiance between MUFG Bank and Ripple was already established in 2017 when the former announced its plans to join the latter’s interbank group of leading transaction bankers responsible for building, maintaining, and enhancing rules to leverage the blockchain technology to make the global payments infrastructure more efficient and transparent.
Ripple Making Giant Strides the World Over
Ripple’s XRP is the third largest cryptocurrency in terms of market capitalization, and it’s not hard to guess why. In fact, at times XRP has even overtaken ETH to claim the second position in the cryptocurrency market, only behind bitcoin.
The San-Francisco based company has entered into a number of partnerships in recent times.
As reported by Blockchain Reporter on September 15, 2018, the National Commercial Bank of Saudi Arabia joined RippleNet to provide blockchain-based institutional payments. RippleNet consists of other global players – including UBS, Standard Chartered, and UniCredit, among others.
Ripple’s recently published Q3 2018 financial report stated impressive results for the cross-border payments company, as it sold close to $163 million worth of XRP in the quarter ending September 30, 2018.
Moreover, the reported also posited XRP’s intrinsic value to be close to $1.75, which is 3.5x the current market price of $0.50.
