The cash management department of the financial corporation PNC started cooperation with Ripple. According to the publication of CoinDesk, one of the largest US banks will use the xCurrent system to conduct cross-border operations.
PNC Financial Services Group is a banking holding company with a head office in Pittsburgh. The company ranks tenth in the list of America’s largest banks with assets of $ 358 billion.
Naturally, the conclusion of such partnership agreements is simply necessary for Ripple to develop its platform and integrate it into the modern financial sector. According to the senior vice president, Ripple Ashish Birl, the integration of a large bank into the system is an important event for small companies participating in RippleNet.
2-3 days do not seem like such a long time, but when you translate it for such a time, you do not have access to capital. Ripple is able to change the situation, said Ashish Birl.
In turn, the financial corporation PNC already serves several customers with the help of blockchainproject technology from San Francisco. At the moment, the parties agreed to use xCurrent, but according to representatives of Ripple, in a long time the bank will switch to a newer system xRapid. According to Birl, it is more suitable for rapidly growing markets.
After the release of this news on September 20, the average market price of XRP increased to $ 0.35. The value of Ripple’s currency grew by 13% in less than a day. Earlier, Ripple received information on the opening of new payment corridors in 40 countries, particularly in East and South-East Asia, Africa, Europe and South America. Also in the network there was information that the first commercial product of the company could be launched as early as next month.