Ripple continues expanding in many different places around the world. This time, Ripple signed a partnership with a remittance company in Chile called Currency Bird. This is the first firm in the country that becomes a member of RippleNet, the network created by Ripple to improve cross border payments. The information was released by Currency Bird in a blog post on July 25.
Ripple And Currency Birds Sign Partnership
Currency Bird, one of the most important remittance companies operating in Chile, has decided to join RippleNet, a network of financial institutions that are currently using Ripple’s technology to power cross border payments.
According to the press release, the new integration with Ripple would bring many benefits for over 12,000 clients the company is currently working with. With RippleNet, there will be 50 new destinations and cross border payment channels. These transfers are going to be using Ripple’s blockchain technology that would make transactions faster, secure and more sophisticated.
Teófilo de la Cerda, the co-founder and CEO of Currency Bird, commented about this goal:
“Being part of this global network backed by the work that we have been doing since 2015, as a project supported by Corfo, to offer our more than 12,000 clients simple, secure, transparent and low-cost international transfers.”
The agreement with Ripple was signed back in March 2019 and announced just a few days ago. Starting the next days, the new system powered by Ripple is going to be helping users perform transfers to many different countries.
Other institutions and banks in Latin America that are already working with Ripple include Banco Itaú and BeeTech Global, both Brazilian companies, the first one a recognized bank in the continent and the second one a new startup that provides international payment services to over 150,000 customers.
Ripple wants to help firms process payments in a fast and easy way. These financial institutions, including banks, are able to reduce their costs and increase their efficiency with these new agreements. Ripple informed that there are over 200 companies already working with RippleNet, and the number of firms continues increasing.
Ripple developed other blockchain-based products such as xRapid. This xRapid service allows firms to source liquidity on demand and allows parties to send and receive payments using the XRP digital asset.
Currently, each XRP coin can be purchased for $0.31 and it has a market capitalization of $13.3 billion.
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