Ripple, Santander Join Forces To Launch International Money Transfer App

  • Spanish banking giant Santander is set to launch an international payments app with Ripple's technology
  • The app will allow for same-day cross-border payments, and will be available in Spain, Poland, Brazil, and the UK.
  • It's set to rely solely on Ripple's xCurent and RippleNet.

Spanish banking giant Santander is going to launch an international money transfer app in the next few months thanks to a partnership with fintech startup Ripple, according to Business Insider. The app will reportedly rely solely on Ripple’s xCurrent and RippleNet.

Speaking at the International Fintech conference in London, the bank’s UK CEO, Nathan Bostock said:

“This spring, if not one [sic] beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”

Nathan Bostock

Bostock didn’t reveal when the blockchain-based app would be launched, and a Santander spokesperson refused to comment the development when contacted. Back in  January, Santander CEO Ana Botin revealed the payments app was coming in the group’s 2017 results presentation.

It will be available in Spain, Brazil, Poland, and in the UK. At the time she revealed it’s set to integrate Apply Pay for payments between £10 and £10,000 ($14 and $14,000). The app’s goal will be to enable same-day international payments in about 40 seconds. It’s set to provide users with a digital wallet and a personal finance manager, while facilitating peer-to-peer payments.

 

SantanderSantander

 

Santander has notably invested in Ripple in 2015, and again in 2016. Reports claiming the bank has been trailing Ripple’s technology for an international payments app with its staff have been around since 2016.

The payment app’s users are set to not only see their international payments get settled in under 24 hours, they’ll also find out up front how much a transfer will cost them. Traditionally, international transfers use various meddle men who take their cut, meaning the final sum is almost always less than what was sent.

This year Ripple has been securing several partnerships. It partnered with MoneyGram to speed up fiat currency settlements, and with a consortium of 61 Japanese banks to create an instant payments app. The fintech startup further partnered with a South Korean bank for “commercial” cross-border remittances.

Ripple’s XRP token is, at press time, trading at $0.64, as it is up 1.86 percent in the last 24-hour period. XRP is currently the world’s third largest cryptocurrency by market cap, with a total value of $24.5 billion.

                                                                                                    

Tron's 'Four Major Developments' Including zk-SNARKs to Launch By Q2 2019

The developers of Tron (TRX), one of the largest platforms for building and deploying decentralized applications (dApps), are reportedly planning to release a set of upgrades and new tools to enhance the blockchain network’s functionality.

As noted by Misha Lederman, the co-founder of IAmDecentralized.org, a platform that is being created to support the ongoing development of decentralized technologies, the Tron blockchain ecosystem is set to deliver the following “major development”:

  • “BitTorrent Speed, $BTT,”
  • “Institutional-friendly multi-signature & account management,”
  • “USDT-TRON stablecoin launch on #TRX blockchain,”
  • “Implementing privacy option for transactions.”

Lederman, who’s known for being one of the most vocal supporters of Tron (especially on Twitter), revealed that Tron’s major developments (listed above) will be launched in the “coming weeks and months” of Q2 2019.

"BitTorrent Speed" And Multi-Sig Wallets Launched

After acquiring BitTorrent last year for $140 million, Tron’s userbase may have increased significantly as the peer-to-peer (P2P) file sharing solution reportedly has more than 100 million users. In order to improve the existing functionality of BitTorrent and its native BTT token, Tron’s developers are launching “BitTorrent Speed,” an application that will compensate network participants in BTT in exchange for providing bandwidth and seeding.

On February 24th, Tron founder Justin Sun had announced (via Twitter) that the following set of updates would be integrated on the dApp development platform (Tron’s version 3.5):

  • “hard fork upgrade” (already activated on February 28th),
  • “Multi-signature [wallets] and [new] account management features for institutional investors,"
  • “Dynamic energy adjustment to real-time network performance,”
  • “50% up performance & res usage,”
  • ”Better [virtual machine] VM safety, events server for dApps.”

As explained by Sun in a video he posted from his official Twitter account (on March 7th, 2019), Tron’s partnership with Tether Ltd., the developer of the world’s first and largest stablecoin (USDT) involves the development of a Tron-based USDT token that offers “TRX holders a new way of value storage, provides dApp users a new way to play [or access] dApps, and increases legitimacy with institutional investors.”

Adding zk-SNARKS To Tron's Ecosystem

Moreover, the partnership between Tether Ltd and the Tron Foundation will involve the creation of a new TRC-20 compliant USDT stablecoin that will provide interoperability with applications and protocols across Tron’s ecosystem.

Notably, Tron’s development team is planning to integrate zCash’s zk-SNARKS privacy technology - which is intended to provide Tron’s users the option to conduct private transactions.

During the “Bad Crypto” podcast, Sun revealed why he is planning to incorporate the zk-SNARKS on the Tron network. He remarked:

People don’t want their privacy stored by Facebook or Google because those people can more easily manipulate the data so they can push ads to you. You don’t want to share those data with them. That’s why I think the decentralized way becomes a good way to do that and limit how much data you are required to share.