If you’ve ever wanted to empty your bank account with just a couple of clicks (and send it all overseas), you’re in luck.
Santander, a Spanish mega-bank, has just announced the launch of an international payment app for retail customers, which will use xCurrent, a blockchain technology owned by Ripple—one of Bitcoin’s main competitors.
In a statement yesterday, Santander said that this first-of-a-kind app makes them the, “First bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”
RELATED: Bitcoin Expert Warns Banks Will Enter The Crypto Market And Cause Massive Price Surge
This a smart choice by Santander because Ripple is seen as one of the most legitimate crypto-currencies (it’s less decentralised than the others—and is backed by some of the world’s major financial institutions). The move will also benefit Ripple; improving its public perception, increasing investor confidence and making it more likely to be accepted by consumers. Potentially, it might even become a mainstream form of financial transaction, beating Bitcoin to the finish-line.
The app, called One Pay FX, will be available initially in Spain, the United Kingdom, Brazil and Poland before being rolled-out to other countries later in the year. The blockchain software xCurrent will be used to power end-to-end tracking of payments and instant settlements around the world.
Video: How the blockchain will radically transform the economy | Bettina Warburg
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