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Santander Announces New Ties with Ripple Despite Major Price Drops

Santander Announces New Ties with Ripple Despite Major Price Drops

In a week of dramatic price drops for major cryptocurrencies, Santander have issued a statement of intent and confidence in blockchain technology by announcing a partnership with Ripple. However, the partnership doesn’t make use of Ripple’s XRP tokens for transactions.

By adopting Ripple Santander has become “the first UK bank to introduce Blockchain technology which facilitates international payments, through a new app” and plans to introduce the service in early 2018. This will allow international payments in under a minute, person-to-payee payments and a digital wallet.

“At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience,” said the European banking giant.

Ripple has been busy making important partnerships recently, last month it partnered with money transfer company MoneyGram with IDT Corporation and Mercury FX following suit at the end of Jan 2018.

Cryptos, though, have recently been suffering what most are calling a ‘meltdown’, tumbling from high prices at the tail end of 2017, or in Ripple’s XRP token’s case, the first week of 2018. And Ripple XRP has been a huge part of that, trading at $0.7129 today which represents around an 81% drop from the all-time trading high of $3.84.

The dramatic drop in prices has been attributed to a slew of negative press/announcements from around the world that threaten to derail confidence in digital money. From regulation threats to potential bans; from hacking attempts (and successes) to doubts over security and the tech behind the coins, short term investors have been panicking and dipping out for fear of further losses.

The experts, though, are remaining calm. Putting things into context long term players are reminding us that most cryptocurrencies are still up by huge percentages from this time last year – even this time three months ago.