Ripple Expands Into European Banking With AMINA Bank Partnership

Crypto services giant Ripple Labs Inc., has announced an important step in its global growth by partnering with a European banking giant, AMINA Bank. According to a post on X, this makes AMINA Bank the first bank in Europe to use Ripple Payments. Undoubtedly, this is a significant achievement for the use of blockchain technology in finance.

AMINA Bank Becomes First EU Bank Live on Ripple Payments

Notably, this partnership positions Ripple at the center of Europe’s evolving digital finance ecosystem. 

It also gives AMINA Bank access to one of the best blockchain payment solutions available. With this new system, Ripple will provide an easy and compliant way to connect traditional fiat systems with blockchain technology. 

AMINA Bank clients can now send money across borders more quickly and easily by using Ripple’s payment network. It is worth noting that this system is designed for speed, transparency, and meeting regulations. 

Users will be able to perform international transactions with digital assets at a lower cost. Furthermore, users will avoid delays associated with traditional payment methods. 

With Ripple Payments, the European bank can process transactions in nearly real-time while remaining fully compliant with regulations.

RLUSD Emerges as Top Stablecoin Choice for Bank of America

Meanwhile, Ripple’s stablecoin, RLUSD, is getting a lot of attention as a top choice for Bank of America’s stablecoin plans. This is due primarily to RLUSD having strong legal support and a growing user base. 

In July, Bank of America’s CEO, Brian Moynihan, announced that the bank is exploring stablecoins. The proposed stablecoin would be backed by the U.S. dollar, with reserves held in cash and short-term U.S. Treasury securities. Though Brian did not confirm a specific plan, he also did not rule out creating a brand-new stablecoin.

However, many experts believe that the bank might choose Ripple’s XRP instead of creating its digital coin. Crypto analyst Paul Barron states that the RLUSD already has a strong foundation and meets high compliance standards.

Ripple Strengthens EU Presence

Recall that Ripple Labs has strengthened its presence in Europe by partnering with Spanish banking leader BBVA. The collaboration is designed to provide customers in Spain with secure and direct access to cryptocurrencies and tokenized assets.

With Ripple’s technology, BBVA can securely store and manage digital assets while adhering to strict regulations and maintaining high security. This partnership enables the bank to expand its crypto services, ensuring compliance and earning customer trust.

The bank also confirmed that its project complies with the European Union’s Markets in Crypto-Assets (MiCA) rules.