PNC — the United states of america' 8th-largest depository financial institution, with almost $400 billion in assets — has become the country's first to starting time using the RippleNet blockchain network for cross-border payments.

Fintech Futures reported on Aug. 29 that PNC Treasury Management is now offering RippleNet-based cantankerous-border payments solutions to its commercial clients, claiming that the blockchain solution will give them:

"The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and assuasive them to better manage their working upper-case letter."

Ripple: MoneyGram partnership bearing fruit

As Cointelegraph reported previously, PNC had first revealed its plans to utilise RippleNet back in September 2018. At the time, the announcement caused the value of Ripple'southward digital token XRP to soar.

At the fourth dimension, the proclamation caused the value of Ripple'south digital token XRP to soar.

At the fourth dimension of writing, XRP is not seeing a price heave: in keeping with the wider crypto market, the nugget is firmly in the red, trading down by around 6% on the day.

Nonetheless as Ripple's caput of Global Institutional Markets, Breanne M. Madigan this week indicated — price is not the simply parameter company insiders are eyeing.

Madigan shared fresh information on Aug. 23 that revealed that while overall XRP trading book was downwards almost 65%, XRP/MXN volumes on Mexican crypto exchange Bitcoin surged by over 25% during the same menses of time that MoneyGram payments into United mexican states using XRP went live.

Madigan said the data is a sign of a real use example driving real volume.

In June, Ripple had announced its buy a 10% pale in MoneyGram — the 2d-largest remittances firm worldwide —equally part of a $30 million partnership with the entity. A central stipulation in the deal was that MoneyGram would begin using xRapid.

Ripple CEO Brad Garlinghouse later claimed that a year from now, the MoneyGram deal "will have a more consequential bear on on the crypto markets than the Libra white paper."

Backlash from XRP holders

This week, Garlinghouse has been prompted to comment on several controversies surrounding the Ripple project. Amidst them is some token holders' continuing frustration about what they perceive to be the negative market place consequences of Ripple selling XRP to its clients.

In parallel, an ongoing class activeness adjust against Ripple has been recently amended, in which a disgruntled investor has alleged that the firm sold XRP every bit an unregistered security in violation of federal law.