Ripple Now Has 120 Customers, Including Bank of America – With Many Utilizing XRP

So far, 2018 has been quite a year for Ripple. The company says it now has a total of 120 customers on its network, RippleNet. The team is signing production contracts at a record rate, adding 20 new firms this year alone.

Some of Ripple’s high profile customers include Bank of America, Credit Agricole, Mizuho Financial Group and Santander.

RippleNet is a network of banks and payment providers that use Ripple’s blockchain to process payments, including the option to leverage XRP, Ripple’s digital asset, to lower liquidity costs and improve speed.

“We’re seeing customers like Western Union, Moneygram – they’re leaning in and using our tools to solve a payment problem. And this payments problem is measured truly in the trillions of dollars,” Ripple’s CEO Brad Garlinghouse told CNBC’s Power Lunch.

Ripple is also highlighting the success of its partnership with Santander. The Spanish banking giant recently released its Ripple-powered OnePay FX app, and says 50% of its international transfers are now powered by RippleNet.