Cross River Bank Brings Ripple’s RLUSD Into Traditional Banking

On Thursday, a spokesperson for Cross River Bank told Bitcoin.com News that it is teaming up with Ripple to make it easier for businesses to send money using Ripple’s dollar-backed stablecoin, RLUSD, without having to build or manage their own blockchain technology. The bank is adding the stablecoin RLUSD directly to its existing banking system, allowing financial technology companies, known as fintechs, to move money through traditional banking networks or the XRP Ledger using a single connection. Cross River Bank has become an important link between cryptocurrency companies and the traditional finance (TradFi) system. While many conventional banks have been reluctant to work with crypto businesses because of regulatory uncertainty and compliance concerns, Cross River developed technology that allows digital asset firms to access established banking services.

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