Amore Finance is as startup that provides banking solutions for businesses and individuals. The platform is located in the Czech Republic and it has recently made a big move by partnering with Ripple to join its growing network of banks known as RippleNet. Additionally, reports have surfaced that the partnership was in cooperation with Cleverlance, another technology firm in the Czech Republic.
Ripple launched RippleNet in an effort to resolve existing issues concerning cross-border payments, including real-time payment solutions and low transaction fees. The network of banks, financial institutions, software providers, mobile wallets and many more are using Ripple’s solutions so that they can experience transactions through single agreements worldwide.
Amore Finance is the country’s first financial startup to join Ripple’s network. Those who use the platform may enjoy from fast and cheap transactions and no error rates. Another notable members of RippleNet is MUFG, a large bank.
On Twitter, one user commented,
“My head is spinning from all these banks Bank!” Another also stated, “It goes on and on. Ripple.”
Recently, the platform released its Q3 report, which revealed that it sold over $163 million in XRP and that the institutional direct sales increased by approximately 500 percent to $98.06 million in comparison to $16.87 million in Q2.
Ripple released a report, noting:
“XRP II< LLC – a Ripple subsidiary that is a registered and licensed money service business (MSB) – sold $98.06 million worth of XRP in institutional direct sales.”
Moreover, the programmatic sales also experienced a significant increase in the past few months. The company further released 3 billion XRP from escrow.