Ripple Payments Secures First European Bank Adoption With AMINA Bank
- Ripple strengthens its existing relationship with AMINA Bank by allowing integration with its payments infrastructure.
- AMINA Bank is expanding its presence in the crypto space via partnerships and integration of digital assets and stablecoins.
Ripple Labs announced it has partnered with AMINA Bank. Through this deal, AMINA is now the first European bank to adopt Ripple Payments solutions.
The Ripple-AMINA Bank Deal
According to the partnership announcement, Ripple plans to support near-real-time cross-border payments for clients of AMINA Bank via Ripple Payments. As AMINA adopts the Ripple Payments infrastructure, the bank will solve a key challenge of integrating blockchain operations with traditional bank rails.
As a result, customers of AMINA Bank can now move funds with ease. This is in addition to settling transactions more efficiently without relying on traditional payment infrastructure. Essentially, AMINA Bank clients can make faster transactions at lower costs, with increased reliability and transparency.
Myles Harrison, Chief Product Officer at AMINA Bank, commented on the new partnership. Harrison acknowledged that native Web3 businesses often encounter friction when working with legacy banking systems. He pointed out that the issue is particularly prevalent in cross-border stablecoin transactions, which traditional banks have yet to widely adopt.
However, with Ripple Labs Inc., Harrison believes AMINA can improve its processes. This improvement will show in how it mixes its core operations with the crypto world. Overall, AMINA’s adoption of Ripple Payments shows how it is accepting new technologies. The bank plans to add more value to its core banking products to serve its customers. This client list includes both crypto and traditional financial firms.
Cassie Craddock, Managing Director, UK & Europe at Ripple, added that the partnership will allow AMINA to serve as the on-ramp for digital asset innovators into traditional finance. Craddock further emphasized that Ripple serves as a bridge between fiat and blockchain rails to AMINA Bank’s clients using its licensed payments technology. Consequently, the bank clients get access to seamless payments using Ripple USD (RLUSD) and other stablecoins. They also have the ability to make rapid payouts in multiple currencies.
AMINA Growing its Crypto Footprint
AMINA Bank is a Swiss Financial Market Supervisory Authority FINMA-regulated crypto bank with a global reach. The bank has continued to expand its reach into the blockchain and crypto space. Earlier this year, AMINA collaborated with Ripple to support RLUSD and offer custody and trading services to its clients.
As we discussed earlier, AMINA Bank is now the first bank to support RLUSD, a proof of its institutional growth. Following the integration announcement, RLUSD’s daily volume rose to $60 million, and its market cap topped $1.02 billion.
Beyond Ripple, AMINA Bank is reshaping mainstream finance. In a recent study we reported on, AMINA launched Cardano (ADA) staking services. With this launch, AMINA Bank customers are allowed to engage with Cardano without navigating complex DeFi protocols. As a result, AMINA Bank legitimizes ADA as an asset class within the institutional ecosystem.
Furthermore, AMINA recently became the world’s first bank to introduce institutional staking for Polygon’s native token, POL. As noted in our previous article, asset managers, pension funds, family offices, and corporate treasuries can now stake POL in a regulated framework.
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