US-based giant Ripple has achieved a significant milestone in Europe.
Ripple announced in an official statement that it has formed a partnership with AMINA Bank, a regulated Swiss cryptocurrency bank.
Accordingly, crypto-friendly AMINA Bank became the first European bank to officially start using Ripple Payments.
AMINA Bank aims to solve the challenge of integrating blockchain transactions with traditional banking systems by using Ripple’s payment infrastructure.
Thanks to this partnership, AMINA Bank customers will be able to seamlessly transfer funds via blockchain without relying on traditional payment infrastructure, and complete transactions more efficiently. This will result in faster, lower-cost, more reliable, and transparent transactions.
Myles Harrison, Product Director at AMINA Bank, stated that legacy banking systems were not designed for digital assets, and that stablecoin transfers, in particular, pose a problem because most banks do not support them.
According to the two institutions, this is precisely where Ripple Payments and AMINA are changing things. Harrison states that AMINA, by directly connecting to Ripple’s licensed infrastructure, can now route transactions simultaneously through fiat and stablecoin channels. Funds move faster. Costs decrease.
Ripple stated that the latest partnership builds on a pre-existing collaboration between the two parties, as AMINA Bank was the first institution in the world to support Ripple’s native stablecoin, RLUSD.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/ripple-xrp-makes-a-european-expansion-partnership-established-with-a-major-bank-setting-a-precedent/
