Ripple Stakes Out Its Territory: Payments

 Credit / Attribution - Print © Can Stock Photo Inc. / Colin_EwingtonSEATTLE — Ripple is working with more banks than R3 or Digital Asset Holdings, and is narrowly focusing on cross-border payments, founder and CEO Chris Larsen said Monday.

Speaking at the Bank Innovation conference here, Larsen said Ripple had 90 banks in the pipeline, 30 in pilot, and 10 in production. He also said the company was spending less time on securities or trade finance, and focusing on payments, specifically international payments.

News also broke yesterday that Standard Chartered was working with Ripple and the Development Bank of Singapore (DBS) on trade finance — so Ripple’s focus on payments is not absolute. Still, the focus on payments is a bold one, continuing the legacy of bitcoin, which gave birth to the distributed ledger movement  in financial services, and avoiding securities, widely seen as the low-hanging fruit for trustless transactions.

Larsen also noted that Ripple was looking into participating in the Hyperledger Project and viewed interoperability as one of the central challenges facing the proliferating ledger solutions in the market today.

Follow Day 2 of Bank Innovation 2016 at the hashtag #BISeattle16.

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