A major partnership
On Thursday, March 30, 2017, MUFG’s banking arm The Bank of Tokyo-Mitsubishi UFJ (BTMU) publicly announced that it is joining Ripple’s Global Payments Steering Group (GPSG). Ripple’s GPSG is an interbank group for global payments system that is based on distributed financial technology and was launched in September 2016.
Advancing technology
Other banks that have already joined Ripple’s GPSG include Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC. Innovations within the Distributed Ledger Technology (DLT) ecosystem continues to thrive as more altcoins are expected to rise in value due to technology adoption and a growing user base.
Ripple Head of XRP Markets, Miguel Vias, tells Cointelegraph:
"While the recent surge in XRP is certainly influenced by Bitcoin's scalability issues, much of the recent momentum is due to the announcement that MUFG joined Ripple's steering group, GPSG. Unlike other digital assets, XRP has a clear use case and people are beginning to recognize that."
