Cryptocurrency Market Update: Financial institutions under hit 350, Tron 4.0 upgrade announced
|- Ripple senior executive says that more than 350 financial institutions now use the firm’s technology for transactions.
- Tron Foundation announces the release of Tron 4.0 on July 7; expect is the smart contract privacy protocol.
Ripple, the blockchain startup in the United States continues to bridge the gap between crypto and traditional banking systems. According to a senior executive at the firm, about 350 financial institutions are now utilizing its blockchain payment solutions. In an interview with Nishith Desai Associates, Navin Gupta, the current Ripple’s managing director for South Asia, these 350 institutions have integrated “its technology” for everyday use.
Of the lot, 13 are reportedly using Ripple’s technologies to support cross-border payments. Moreover, the company said in November that over 300 clients are already utilizing its payment systems for international transfers. This number had increased from around 200 in a period of approximately 12 months.
Read more: Ripple Price Analysis: XRP/USD revives hope for triangle breakout eyeing $0.24
Last Saturday, Justin Sun, the CEO and founder of the Tron network, announced that Tron 4.0 launch is scheduled on July 7. The upgrade has been in development for almost a year. It is significant because it will introduce the “Smart Contract Privacy Protocol” which will “be released as an integral part of the upgrade.’
The privacy feature has been made possible by the use of a technology referred to as zero-knowledge proof; zk-SNARKS which supports the execution of transactions while withholding confidential information. Other features expected in the upgrade are efficient smart contracts and verifiable transactions.
The Tron Foundation, however, clarified that the privacy feature for smart contracts has been developed with regulations in mind. Therefore, it “will not make TRX anonymous in any way, nor will it have added privacy features.”
Related content: Tron Price Chart: TRX/USD on the verge of a breakout, spikes 5% on the day
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.