The XRP community has been engaged in a lively debate regarding the role of XRP in transactions among Tranglo’s 5,000 partner banks. Although there is no explicit confirmation of the banks using XRP, a lawyer in favor of XRP has defended Ripple payments and the utilization of XRP.
Ripple payments and XRP are expected to revolutionize the financial industry, starting with partnerships with traditional banks. Ripple and XRP provide the necessary infrastructure for offering liquidity and facilitating faster, more efficient, and cheaper transfers.
Despite making significant progress in forming partnerships, there is still a dispute over the number of banks that actually use Ripple payments and XRP. This controversy was sparked by a quote from a 2018 Financial Times report stating that no banks were utilizing XRP.
Bill Morgan, a prominent lawyer supporting XRP, entered the conversation by highlighting Tranglo’s use of XRP in its cross-border payment services through Ripple’s On-Demand Liquidity (ODL) platform. Tranglo, backed by Ripple, has a vast network of nearly 5,000 banks, making XRP utilization a possibility. Morgan stated, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.”
However, as pointed out by one user, there has been no explicit confirmation of XRP usage by any of the banks. The user noted, “Nowhere does it say they use XRP. You can use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” Morgan defended his argument by sharing a key image that captured the involvement of the banks. He further asserted, “You did not prove that no banks in that network are not involved in ODL.”
Despite the ongoing controversy, it remains unclear how many banks actually use Ripple payments. However, several banks have confirmed their involvement with Ripple over the years. Some notable banks include Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itaú Unibanco (Brazil), IndusInd (India), InstaReM (Singapore), BeeTech (Brazil), Zip Remit (Canada), LianLian (China), RAKBANK (U.A.E.), IFX (U.K.), TransferGo (U.K.), Currencies Direct (U.K.), Airwallex (Australia), SEB (Sweden), SBI Remit (Japan), Siam Commercial Bank (Thailand), and Krungsri (Thailand).
Ripple remains confident in forming more partnerships, primarily in the U.S., despite facing obstacles due to the ongoing Ripple v. SEC case. As the critical deadline of March 22 approaches, the Ripple vs. SEC lawsuit takes center stage, with the regulator presenting its opening brief on proposed XRP remedies. Speculation suggests that the SEC may be considering the conclusion of the long-running case.
Tranglo, a prominent partner of Ripple and a global payment service provider (PSP), has recently expanded its operations in the European market. Through the adoption of Instant SEPA and its collaboration with European fintech company Inpay, Tranglo aims to revolutionize cross-border payments across the continent. This partnership signifies a significant advancement for Tranglo’s global reach, particularly in Europe and Asia.