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Santander Bank has launched OnePay FX, the first blockchain banking payments app. The app is the first of it’s kind used by a major bank and will be powered by Ripple. The payment app will be available in just 4 countries for the next few months. The payments app will be featured in the UK, Spain, Poland, and Brazil with plans to expand in the near future.
Some of the benefits of the new Smartphone app include easy cross border payments, quick confirmations, and low cost fees. Even cross border transaction will be instantly available with very low fees. Many crypto enthusiast are not fans of Ripple. The fact that Ripple has been called the “banks crypto” may be seen as a plus or a minus. Most crypto investors do not see Ripple as a decentralized currency due to the influence of the banks. “If a bank can control your crypto, what’s the point?” is a common refrain. Another point of view is that the partnerships with multiple banks will give Ripple a distribution edge which will make it a top cryptocurrency.