“Since establishing Ripple’s London office, I’ve seen first-hand how eager customers are to understand the transformative potential of Ripple’s solution,” said Danny Aranda, Ripple’s Managing Director of Europe. “We’re proud to have the opportunity to show the Bank of England – and central banks everywhere – how Ripple can help solve key issues associated with cross-border settlements, and we look forward to continuing this relationship.”
Ripple, the firm behind XRP, the world’s eighth-largest crypto asset, said it aims to befriend UK regulators as it develops its cross-border payment capabilities.
Digital payments company Ripple has today exclusively revealed to City A.M. that it plans to partner with London-based Modulr, one of the few non-banks which has access to Bank of England settlement services. Together the companies plan to offer customers technology that will enable fast, cheap cross-border fiat transactions into Europe from the Asia Pacific, North America, Latin America, and Middle East regions.
“We are looking to solve a very specific problem in the market,” Sendi Young, the managing director for RippleNet Europe told City A.M. “In our approach, we want to work with the system including ecosystem partners, governments, and regulators,” added Young, who joined Ripple from payments giant Mastercard last year.
While Ripple is fighting tooth and nail to prove that it was not given fair notice that XRP would be classed differently to cryptocurrencies Bitcoin and Ether the suit has raised concerns about the future of XRP, a key revenue stream for the company. XRP shed 50 percent from its value after the lawsuit with the SEC emerged, tumbling from monthly highs of $0.66 to lows of $0.22. XRP is now trading at $0.60.
Now the business is diversifying, developing the capabilities of its cross-border payments technology RippleNet and launching a charm offensive targeting regulators in overseas markets.
“I would like to say we were friends,” said Sendi Young in reference to the Bank of England. “Here [in the UK], and many places around the world, we are working very, very closely with central banks and government regulators.”
This year RippleNet has secured partnerships with the Central Banks of Bhutan and Palau to help them develop digital currencies (CBDCs). Ripple is also making inroads in the UK. It is part of the digital pound foundation, an industry body supporting the development of a British CBDC.
Ripple Selected to Participate in the Bank of England FinTech Accelerator