As the year is coming to a close, San Francisco based Ripple wrote in a blog post that it is looking forward to broader adoption of the blockchain technology in the upcoming year.
It also went on to call 2018 ‘the year of breakthroughs in blockchain’ acknowledging the development work done during the year despite the falling crypto prices.
The Outlook Is Healthy
According to Ripple, despite the shrinking size of the crypto market, the outlook for 2019 “may not be so bleak.”
It said that the role of regulations unfolded during the year, highlighting the governments around the world that have been recognizing the potential of blockchain and taking steps to create thoughtful legal frameworks for the same.
Ripple also focused on the regulatory work done in the ASEAN region, saying they have been at the forefront.
They also highlighted the adoption and mainstream acceptance from Fortune 500 companies and institutional investors that occurred this year.
IBM and Visa issued blockchain-focused initiatives while Wall Street heavyweights like JP Morgan Chase and Goldman Sachs also explored the blockchain industry.
Ripple’s 2018 at a Glance
The global payments network of Ripple now connects over 100 financial institutions, spanning six continents and 40 countries.
RippleNet now also provides on-demand liquidity for cross-border payments using XRP, the blockchain’s native digital asset.
The company’s xRapid product that provides cheaper and faster transactions also found early adopters in Catalyst Corporate Federal Credit Union, Cuallix and MercuryFX.
RippleNet based applications, like Santander’s OnePay FX and CoinOne Transfer’s Cross, brought the power of blockchain-based remittance services to Latin America, Europe, and Asia.
BeeTech, a Ripple customer completely eliminated SWIFT fees for all of its remittance corridors. Resulting in its own remittance fee dropping from $20 to $2.
Euro Dicas founder and BeeTech customer Erick Gutierrez explained the improvement in the services, saying:
“My money arrives fast, and I can see all fees. Finally, I trust receiving money from Brazil to pay bills and live well in Europe.”
Apart from growth in its customer base, Ripple also launched Xpring to build infrastructures and foster growth in blockchain markets.
The company also established the University Blockchain Research Initiative (UBRI), partnering with over 30 leading universities and committing more than $50 million.