On 23rd of March, the reputed financial company, Santander tweeted that they are making the international transfers via XRP.
Nevertheless, Santander bemused Ripple with XRP! They have accepted their fault and tweeted an excuse just after the wrong tweet.
Ripple and XRP confusion of Santander Bank
Ripple has been trying hard to separate itself from XRP cryptocurrency during the year 2018. It was a stringent process for the financial institution indeed. Even today, many people can hardly understand the disassociation between these terms.
To be noted that Ripple is the name of the company which uses XRP for its international money transfers. But XRP is one of the cryptocurrencies which is traded in the crypto market and can be purchased by the investors and traders.
In other words; Ripple is not one of the crypto money brands at all! It is just the brand name of the company which utilises XRP to execute its services.
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Santander uses XRP cryptocurrency to transfer money to 18 different EU countries and the United States of America. Below is the tweet which Santander published during an AMA session on Twitter;
Hey Wes, we’re doing great. We’re using XRP for international payments to 18 EU countries and the USA. This is on our iPhone app called One Pay FX. ^TC
— Santander UK Help (@santanderukhelp) March 23, 2019
Twitter users got highly excited with this tweet. It was liked by 1,4k people and re-tweeted by 640 Twitter users.
Even Santander partnered with Ripple for the usage of other products; they never informed that they are using XRP for their services. And this was the reason for the confusion in the minds of the XRP fans.
Santander uses Ripple – Not XRP!
In another tweet, Santander apologised for the wrong information provided by them. The reputed bank admitted that they had caused a misunderstanding in the market.
We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only. You can find out more here: https://t.co/EGWMMqZhkA.
— Santander UK Help (@santanderukhelp) March 24, 2019
Santander One Pay FX company uses “xCurrent” instead of XRP to execute the money transactions. At a press release on April 2018, Santander announced that they are cooperating with Ripple to enhance and empower their financial services.
Santander’s investment in Ripple has been made by their FinTech venture capital fund namely “InnoVentures“. Press release covers the below explanations:
The new service uses xCurrent, a technology based on distributed ledgers owned by California-based Ripple. InnoVentures, Santander’s $200 million fintech venture capital fund, invested in Ripple in 2015.
Ripple cooperates with more than 200 companies to improve their financial services all over the globe. Because they firmly believe that the transaction costs can be lowered and process times can be shortened.
Last but not least, Santander is still not using XRP even they will benefit from it in the future.