Ripple, the company working with the XRP cryptocurrency, is now recognized as one of the top 100 cross-border payment companies in the world. According to FXCintelligence, Ripple is now part of the top 100 firms dealing with international payments. Indeed, Ripple is already working with over 300 companies from all over the world offering them the possibility to handle cross-border payments in a fast and easy way.
Ripple Continues Expanding
The cryptocurrency and blockchain company is growing year after year with new partnerships and recognitions. This time, Ripple became one of the top 2020 cross-border payhments companies as reported by FXCintelligence.
Some of the other companies listed include BNY Mellon, CITI, UBS, VISA, PayPal, MoneyCorp, and AZIMO, among others. Ripple was the only one from the crypto market and working with distributed ledger technology that was included in the list. All the other companies were banks, digital banks, public companies (not banks), independently owned firms, private-equity backed firms, and VC-backed companies.
Ripple is offering services to these firms in order to process cheap and fast cross-border payments. This is specifically useful for those companies that are working in developing markets and that need to offer liquidity to different fiat corridors for their clients. In general, there is a large number of users in Asian countries that send money from other countries back to their families.
At the same time, Ripple works with the XRP virtual currency, one of the largest in the market after Bitcoin (BTC) and Ethereum (ETH). XRP is a digital asset that allows individuals and firms to make cheap and almost instant payments. This can be very useful for those corridors that do not have enough liquidity.
A company can simply purchase XRP with local fiat currency in order to process a transaction to another country. The funds in XRP will be sent to the destination account in another jurisdiction where they will eventually be sold for the local fiat currency once again. This can be done in just a few minutes and reduce the costs that companies have to make these transfers.
At the same time, they can easily offer better services to clients, which will certainly prefer to use these reliable, fast and cheap solutions. Currently, XRP is being traded around $0.274 and it has a market capitalization of $28.64 billion.