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.

John Isige FXStreet

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.

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.”

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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