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Ripple, the world’s third-largest cryptocurrency by market cap, has announced a new partnership with UK remittance firm Xendpay.
The London-based firm will now become a part of Ripple’s global settlement platform, RippleNet, according to a press release issued today. Joining RippleNet will now allow Xendpay access to markets in Bangladesh, Malaysia, the Philippines, Vietnam, Indonesia, and Thailand. Xendpay is a money transfer platform that is popular among migrant communities as it allows them to repatriate funds while, crucially, giving them the option to waive transfer fees through its Pay What You Want service.
“Most of our customers are migrants who are sending money back home. This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts,” said Bhavin Vaghela, Xendpay’s Head of Product Innovation.
He continued to state how Ripple’s support will improve the service offered by Xendpay; “Thanks to RippleNet, a customer in Germany can log onto our platform at 3AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes.”
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Ripple’s support of Xendpay is a huge boost for the crypto firm as further adoption of the Xendpay system will require XRP tokens in order to make remittance easier. Ripple investors will expect this to lead to bullish conditions and further develop long term growth. Ripple’s XRP is currently valued at $0.27, which is up 2.5% from yesterday.
This is not the first deal Ripple has signed with a money transfer firm. Earlier this month, it was announced that it had made a $30 million USD investment in Moneygram, a market leader for remittance services.
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