RippleNet Is Actively Used By Curacao’s Top Bank

By Kevin • June 7, 2022 9:13 pm • Comments

Top Curacao bank Vidanova has recently revealed on its official website that it actively uses RippleNet in order to message, clear, and settle financial transactions in record time.

The bank goes on to explain the full set of use cases that Ripple can provide such as connecting banks, payment providers, and other large financial institutions using its global decentralized network.

The bank has also stated that it still uses the traditional financial system called SWIFT in order to do international payments, but the use of RippleNet is now a popular alternative.

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After all, records have shown that demand for Ripple’s On-Demand Liquidity (ODL) service has skyrocketed and saw the volume increase by around 8x.

U.today reports:

It speaks of RippleNet thus: “RippleNet connects banks, payment providers, digital asset exchanges, and corporations…With the most advanced blockchain technology for global payments, financial institutions are able to execute transfers to a growing number of institutions.”

As previously covered, Q1 2022 was a record quarter for Ripple’s remittance platform On-Demand Liquidity (ODL) as volumes increased with nearly 8x YoY growth.

In total, RippleNet saw a $15 billion annualized payment volume run rate, marking unrivaled growth as ODL use cases continue to expand.

With a top bank like Vidanova actively using it and even encouraging the use of RippleNet publicly, investors can speculate how many financial institutions are already using it, but just not publicly revealing it.

Financial institutions that are already using it may include central banks, payment providers, and perhaps even governments.

The record growth continues even as the XRP lawsuit is still going on.

Just today, the public conference call to discuss the Hinman documents was a highly anticipated event for all XRP investors.

CryptoNewss concludes:

U.S. Magistrate Judge Analisa Torres has scheduled a conference call for Tuesday, June 7, at 3:00 p.m. EST, to “discuss the SEC’s renewed assertion of attorney-client privilege regarding internal documents related to Director Hinman”, as previously reported.

The conference call is scheduled for Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York, New York.

Members of the public can now listen to the proceedings via the call-in numbers provided in the brief shared by defense attorney James K. Filan on Twitter.

The previous month, CryptoLaw founder John Deaton filed a petition to participate in an expected challenge to an expert who claimed to know the motivations of XRP holders when buying XRP.

The SEC’s objection to this motion is also due by June 7 (the date of the conference call), and any response to the objection is due by June 10, 2022.

What happens in the coming months will likely how the rest of the case unfolds.

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