Germany’s Fidor bank has begun using the Ripple network to facilitate international money transfers.
This makes it the first bank in the world to do so, and perhaps the first bank to actually incorporate cryptocurrency into its processes.
Fidor and Ripple announced a partnership back in May, in an effort to bring modern technology into the realm of banking, which is largely built on pre-internet technology. “We can improve the speed of transfers from days to seconds and remove the bulk of the risk in the system that exists today,” Ripple CEO Chris Larsen said. Evidently, it’s taken some time for Ripple and Fidor to integrate their systems with each other.
Wire transfers with Fidor can now be completed in the same day, a marked improvement when compared to the several days it takes most other banks.
Cryptocurrency and Banks!?
It’s unusual to hear of a bank actually looking toward cryptocurrency with anything but disdain. In fact, Bitcoiners have become more skeptical of banks than the average person as a result, though arguably that skepticism was already in place.
Regardless, it’s not the first bank interested in embracing cryptocurrency. LHV, a bank based in Estonia, has hired Asse Sauga, a self-proclaimed “cryptocurrency expert” to help them discover how they can dive into the cryptocurrency world.
Will Fidor’s embracing of cryptocurrency lead to other banks getting in on the trend as well? And would you even trust a central bank with your cryptocurrency?
German Bank Fidor Now Uses Ripple For International Wire Transfers
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