Germany’s largest financial institution, Deutsche Bank, has announced a partnership with Ripple to implement a blockchain ledger for enhancing its settlement infrastructure. The system will be used for cross-border payments, foreign exchange, and digital asset custody. Despite the significant institutional collaboration, Ripple’s associated cryptocurrency, XRP, showed minimal immediate price movement, trading sideways around $1.40.
Deutsche Bank has entered a partnership with Ripple to enhance its financial settlements using blockchain technology. The new payment infrastructure will be applied to cross-border settlements, foreign exchange operations, and digital asset custody.
Blockchain-based payments are gaining prominence in traditional finance due to their tamper-proof nature. The technology’s cryptographic techniques make any form of data tampering impossible once records are registered.
Ripple’s native token, XRP, showed little reaction to the partnership announcement. Its price remained mostly stagnant, moving sideways at approximately $1.40 and down nearly 0.6% in the day’s trading session.
The collaboration has no direct bearing on the XRP token’s market performance. The altcoin has lost nearly 48% of its value over the past year despite Ripple’s various institutional partnerships.
Deutsche Bank and Ripple did not disclose a specific timeline for the project’s completion. The rollout timeframe was withheld as the bank seeks to streamline the blockchain technology for better operational efficiency.
