Ripple Partners with Clear Junction, to Offer Cross-Border Payments in EU and UK

Ripple (XRP) and the financial services provider Clear Junction have agreed to cooperate. Ripple wants to open up a new channel for payments in British pounds and euros.

Ripple (XRP) has found a new cooperation partner in Clear Junction

In a joint press release, Ripple emphasizes that the alliance with Clear Junction will pay off for cross-border transactions in the EU and Great Britain. Clear Junction is a financial services provider with headquarters in London and also licenses in the EU states Poland and Latvia. Ripple explains that Clear Junction will enable it to organize withdrawals from its own network in euros and British pounds securely and in real time.

Unfortunately, investors have already had to get used to the fact that Ripple rarely mentions XRP in its plans, and this is no different with the cooperation with Clear Junction.

The price curve of XRP did not react noticeably to the alliance with Clear Junction and remains at around 0.50 US dollars. But the partner Clear Junction could also be Ripple’s preparation for its own planned stablecoin. Cassie Craddock, Ripple’s European head, says that Clear Junction has proven to be perfect for all use cases in the analysis and initially highlights transactions to the EU and Great Britain, which can now be paid out immediately, legally secured and conveniently in fiat.

Clear Junction was founded in 2016 and, according to its own information, processes transactions with a volume of over 50 billion euros annually. The financial services provider offers its services in more than 100 countries and has a good 10 million end customers.

Ripple is similarly internationally positioned, with its presence on all six continents and payout options in almost 60 countries. In the crypto industry, Clear Junction has already won Kraken as a customer, among others, and CEO Dima Kats is hoping that Ripple will provide impetus in terms of blockchain technology and cryptocurrencies.

Conclusion: Ripple in transition – XRP obsolete model?

When Ripple launched XRP in 2013, the cryptocurrency was intended to be a bridge currency in international payments. However, the concept never caught on and XRP continues to cause Ripple considerable legal problems in the USA in its dispute with the Securities and Exchange Commission (SEC).

The cooperation with Clear Junction shows that Ripple is sticking to its theme of cross-border transactions, where it has a broad network and customers are happy to transfer fiat. This line of business could be strengthened by Ripple’s planned stablecoin and established partners such as Clear Junction could open up new customer groups. For investors, however, the question of which applications XRP could find a future in is becoming increasingly urgent.

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(Featured image by Ozkan Guner via Unsplash)

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