Travel takes time and energy, but that doesn’t mean intercontinental transactions should too, and yesterday’s announcement that Ripple’s RippleNet is going live in 40 countries is setting a new standard among competitors.
RippleNet’s International Expansion
As the 13-country addition shows, Ripple is earning its scale of authority. RippleNet is now connecting clients without borders across North America, Asia, Africa, Europe and South America.
The innovative Ripple platform, traditionally associated with governing enterprise trade, also reveals distribution in a different light. It’s a resource that opens doors for those in precarious financial situations, already proving itself an asset to Thai workers in Japan trying to support their families remotely.
According to Marcus Treacher, SVP of Customer Success at Ripple, the expansion has multiple benefits. A larger global footprint is obvious, but the reduced carbon footprint is an added favorable repercussion. RippleNet suggests a solution for banks to leverage technology while also offering a hand-up to small businesses, large remittances and individuals in need.
Meanwhile, the payment provider Xendpay, one of many collaborating with RippleNet, acts as the connective tissue between the U.K., Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Xendpay is a “pay what you want” resource, whose mission is set on democratizing global transaction dissemination.
Paresh Davdra, Co-Founder and CEO of Xendpay, said:
“Working with leading blockchain technologies allows us to maintain our promise of driving down the cost of cross-border payments, combined with access to faster more secure money transfers to even more corridors across the globe.”
Much of Ripple’s success is relying heavily on the pre-release of its new product xRapid. A release date is yet to be determined, but it’s already targeting global interbank settlements. American Express is currently affiliated with RippleNet, while others are predicted to take advantage of the platform’s average 60 percent savings related to processing fees.
Perhaps the most encouraging trait of this growing ecosystem is that, while the varied communities of beneficiaries are often governed independently, the organic nature of Ripple and xRapid builds communities instead of building walls.
Competition in enterprises is encouraged and a motivating engine for growth. But growth shouldn’t be confused for having a singular end result en par with becoming “finished.” The point is to discover a result and continue to build on that success in a way that improves a constantly evolving standard.
Every ecosystem is bound to ebb and flow, and just as the weather can’t be controlled—it can be predicted, and maybe even healed. Technology works the same way. Cryptocurrency is the seed, blockchain is the root and RippleNet is the blossoming reach of evolution.
Furthermore, Ripple’s Chief Marketing Strategist Cory Johnson claimed current transaction methods still operate the same way they did in 1973, which makes the upcoming launch of xRapid so critical to the health of the world’s financial systems.
Current markets are often forced to work around pre-funded regional currencies, which means liquidity costs are high. Transferring on-demand liquidity to emerging markets is the efficient, and responsible, option RippleNet is offering–one country at a time.
Cover Photo by NASA on Unsplash
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.