Closer Look at Euro Exim – XRP’s first banking partner

A lot of noise has been made about Euro Exim, XRP’s first banking partner that is committed to using the cryptocurrency to transfer money across borders. A closer look at this bank, however, reveals that it is not what is claims to be. It has a license in St. Lucia but it has lost its authorization in the UK to be a bank. The authorization was taken back early in 2017 and now the bank in the UK can only act as a remittance service, which is fine for XRP as it is targeting remittance. It is also a very small bank with just over $500,000 in assets as of 2017(2018 numbers are not available yet) so it will not raise the price of XRP by itself but may act as a trial run for larger banks to adopt XRP. This will be important as a first trial run for other larger banks to look at but will not cause significant volume itself and therefore has go be well to entice other banks to join. Although this is an important event, people have overhyped it way too much due to the size and the nature of this bank.

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