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Ripple Adds Top Latin America Bank to Its Cash-Transfer Network

  • RippleNet lures Brazil’s Itau Unibanco, India’s IndusInd Bank
  • Service doesn’t rely on Ripple’s digital token, known as XRP
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Ripple, the San Francisco-based venture looking to rewire financial firms with Bitcoin’s underlying technology, said Latin America’s biggest bank by market value is among five new customers joining its international money-transfer network.

Brazil’s Itau Unibanco Holding SA, India’s IndusInd Bank Ltd. and a trio of remittance companies plan to use RippleNet, a service using blockchain, Ripple said Wednesday. The RippleNet messaging and settlement system now has about 100 customers -- including many from developing markets seeking to lower their costs when sending money.