Ripple Labs, the startup that created a platform for electronic payments using existing fiat currencies, announced on its blog earlier this week that it had joined the NACHA Payments Innovation Alliance.
According to the company statement, the move a great opportunity for Ripple to help drive innovation around the movement of money.
“Having played a pivotal role in developing and overseeing industry standards for decades, organizations like NACHA and SWIFT provide invaluable insight and experience and are well positioned to help guide new payment technologies and standards in a manner that’s safe, secure, and productive,” the statement read.
A recent News BTC article explained that the move also reiterates Ripple’s desire to move toward banking, as Ripple gateways can be configured to have AML and KYC policies in place. This could entice banks to adopt Ripple above other digital currency options, like bitcoin.
Just a few weeks ago, Ripple Labs co-founder Jed McCaleb announced that he plans to sell off his entire massive holding in the company. Because of that, the price of Ripple’s native digital currency dropped sharply. News of the planned sell-off pushed XRP’s – the digital currency that is only usable within Ripples system – price down by as much as 65 percent in 24 hours.
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