After Ripple’s entrance in the Brazilian markets, several banks such as Banesco Panama and Scotiabank Chile have committed to testing out the company’s xCurrent platform in order to move capital.
Both of the banks are participants in Ripple’s new initiative to cover the whole Latin American market for providing blockchain-based services in the payment systems.
According to reports, all parties involved are maintaining a close relationship with local regulators in order to ensure the test’s legality in all jurisdictions of the region.
Should the testing phase go smoothly, Ripple will have the opportunity to cover countries like Puerto Rico, Spain, Portugal, the Dominican Republic and Panama thanks to Banesco’s presence in these countries.
After the testing has been confirmed, Banesco will start offering blockchain-based transactions to the project partners as a start, because exchange rates are still in the process of being agreed upon.
Since XRP is very responsive to the company’s partnerships, it was assumed that such a large test would affect the price. However, the banks didn’t commit to using the cryptocurrency and stuck with the xCurrent instead.
Furthermore, the XRP was already stuck in the BTC craze, therefore any major consolidation can be assigned to the market sentiment rather than this sole project, regardless of how large it is.