American Express boasts 24% of the consumer credit market, just above MasterCard. It has recently announced that it will be working with the world’s fastest growing, regulation oriented blockchain network, Ripple, to reduce it costs of operations.
Blockchain is an ingenious new technique of carrying out transactions between two users. It is safer, faster and cheaper than the conventional methods that involve numerous middle men and generally cost a significant amount.
American Express was one of the first fintech companies to launch a credit card with RippleNet, the name used by Ripple to define its network of banks and other financial institutions. This move will allow American Express to become one of the leading institution in the blockchain industry. The global fintech company has announced that it is considering using the RippleNet for B2B payments and the transactions that are carried out over the Atlantic ocean, between US and UK.
Ripple was one of the first blockchain startups. Like any other startup, it did suffer during its initial stages and had to face tough choices. However, the company persevered by focusing on transactions and improving its operations.
Last month, Ripple held a conference in Toronto that brought together all the leaders of the banking and blockchain industry. SWELL was very effective, and it brought considerable positive attention to RippleNet.
Changes at the top
Ripple is also going through changes at the top and has announced two new members in its executive branch. The team has added a new board member, Benjamin Lawsky, who is a notable supporter of cryptocurrency. He is renowned for his efforts in standardization of laws within New York’s BitLicense. Ron Will has been announced as the Chief Financial Officer (CFO) of Ripple. He is a former investment banker and has been at the position of CFO of a number of other companies in the past. He explained that his goal would be to come up with new techniques to employ XRP to improve RippleNet.
New Offices
The company has also opened offices in two new locations. Although most of the fintech companies are usually hesitant to have a physical presence, Ripple has not held back. Ripple is aggressively expanding its presence in the Asian region and opened offices in Mumbai, India and in the City of Singapore, Singapore.
What started out as a small scale fintech startup has risen over the last few years. Ripple shows no sign of stopping its expansion and is being recognized as one of the leading enterprise blockchain companies.