Deutsche Bank, Germany’s largest bank, has taken a new step to dismantle outdated structures in global money transfers and is turning to Ripple.
At this point, Deutsche Bank aims to revolutionize global payments using blockchain technology. To achieve this, it has turned to Ripple’s infrastructure and intends to lead the revolution by leveraging Ripple’s built-in digital asset payment technology.
According to the German local news agency Der Aktionar, Deutsche Bank has reached an agreement with Ripple Payments.
The agreement was confirmed by the news source Der Aktionar, which stated that the aim is to put cross-border payments, currency transactions, and the storage of digital assets on a new, highly efficient footing.
Traditional cross-border payments are criticized for being slow, costly, and overly dependent on intermediaries, so a major bank’s agreement with Ripple is noteworthy.
Traditional cross-border payments, in particular, are criticized for being slow, costly, and overly reliant on intermediaries. While traditional systems rely on numerous intermediate steps, Ripple technology enables near real-time processing.
At this point, Deutsche Bank is signaling a definitive departure from the old model by making more effective use of the Ripple payment system and blockchain infrastructure.
For XRP, a global bank’s deeper adoption of Ripple’s infrastructure has broader implications. While XRP’s price movements are dependent on overall market conditions, increased institutional participation helps to strengthen price movements.
*This is not investment advice.
