Ethereum and Stellar join Ripple in BBVA bank tests
A statement issued to finder.com.au today by Banco Bilbao Vizcaya Argentaria (BBVA) confirms its involvement in blockchain technology and the use of cryptocurrency.
A lot of the talk in the cryptocurrency world at present is centred on Ripple. Today it hit an all-time high after a month of rapid growth, and it’s quickly moved into second place only behind Bitcoin in owning the largest share of the cryptocurrency market.
One of Ripple’s features is its ability to function as an alternative to wire transfers and SWIFT payments for customers wishing to exchange money across borders – and to do it much faster and for a fraction of the fees. Earlier this week, Ripple was ruffled by a controversy involving a former employee of the bank, BBVA. The claims, potentially damaging, were that Ripple didn’t actually work as advertised.
Today, we received an official response to the claims from BBVA. As well as putting a torch to the controversy, the statements also identified that the bank was working with other cryptocurrencies. The bank specifically namedropped both Ethereum and the Hyperledger project, with the suggestion being they join Ripple in internal testing.
“BBVA is continuing to work with Ripple,” the statement from a spokesperson in the communications strategy team read, “as well as a number of others working in the blockchain sector such as Ethereum and Hyperledger, as this technology develops and builds out into new solutions." - BBVA spokesperson, communications strategy team
In what capacity BBVA is working with these two cryptocurrencies remains unknown. Perhaps they will never see the light of day; perhaps only one will establish itself as the bank’s new solution. All we know is that Ethereum is the third-largest cryptocurrency in the market, with a goal of evolving blockchain technology and taking it to the next level. Ethereum is also currently enjoying a sustained period of price growth, despite falling behind Ripple in the overall pecking order.
Hyperledger is not a specific currency, but instead a project with a range of collaborators focused on evolving cross-industry blockchain technologies. It is also looking to develop solutions for international money transfers, hoping to take care of 60% of all payments in the South Pacific in 2018. The most notable cryptocurrency involved in the Hyperledger project is Stellar, which is up 44% in the last 24 hours.
More details to come as they emerge.