US bank Santander adopts Ripple’s blockchain for its new foreign exchange service

12 April 2018

Santander Bank,Santander Bank, N. A., a wholly owned subsidiary of Spanish Santander Group based in Boston, announced the introduction of its new foreign exchange platform powered by blockchain technology enabling participants to make same-day international money transfers.

In the official statement Santander reported that the new service will be dubbed Santander One Pay FX and will work on the basis of the blockchain technology developed by Ripple. The bank noted that the service will be the first bank-established cross-border platform benefiting from the blockchain.

This new blockchain foreign exchange platform is at the moment accessible for customers in these countries: Spain, the U.K., Brazil and Poland. The bank promised that the service will be available to the general public within the months to come.

This week Ripple announced its $25 million investment into the fund established by Blockchain Capital, a VC firm focused on blockchain technologies.

Innoventures, a fintech startup valued at $200 million, created by Santander, was among the investors participating in the fundraising round held by Ripple back in 2015.

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