100 and Counting: Ripple Adds New Members to Distributed Ledger Network

Ripple has added nine new members to cross-border payment solution RippleNet, bringing the number of clients over 100.

Oct 10, 2017 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 7:01 a.m. UTC

Distributed ledger startup Ripple has signed up nine additional users for its global payments network product, RippleNet.

Announced today, new members include Bexs Banco de Cambio, a processing service for international payments, and dLocal, the payment service behind Uber and GoDaddy. The other firms joining the network's now 100-plus members include Credit Agricole, Currencies Direct, IFX, TransferGo, Cuallix, Krungsri and Rakbank.

In statements, Ripple was keen to position the group as not simply another blockchain consortium, saying its clients are successfully moving toward live implementations of products that can have a real business impact.

For example, Ripple also revealed that financial services firm Cuallix will be the first partner to convert cross-border fund transfers into Ripple's native currency XRP. Specifically, the company plans use the token for fund transfers between the U.S. and Mexico in order to reduce processing costs, the release states.

"Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers' broken payments experience," said Brad Garlinghouse, CEO of Ripple, in statements.

The new members join at a time when Ripple is actively pursuing high-profile partnerships with leading financial institutions worldwide while taking a more aggressive stance to differentiate its products and services.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Ocean image via Shutterstock

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