San Francisco-based blockchain startup Ripple Labs is seen making faster inroads in the blockchain payments space by making establishing important partnerships with several banking institutions and payment firms across the globe.
On Friday, April 26, Ripple officially announced in its blog post that five new customers will be using Ripple’s xVia tech that is powered by its own blockchain network called RippleNet. These five customers include: peer-to-peer currency exchange platform MoneyMatch in Malaysia, settlements company UniPay from the Republic of Georgia and three U.K-based firms RationalFX, FairFX, and Exchange4Free.
According to Ripple, this xVia Payments solution will be quite useful especially in emerging markets having with a very good alternative to its traditional payment solutions thereby giving a huge boost to global commerce.
xVia will be providing an API solution and will allow payment service providers, digital wallets and other companies to scale up their business using this solution. This will help businesses to make a quick entry into new markets while reducing operational costs, improving transparency and end-to-end visibility as well as increasing the remittance speed.
Moreover, by using the RippleNet-powered xVia technology, payment originators can maintain a standard connection while considerably mitigating the high-failure rates of the traditional banking system. In addition to this, it will also help to reduce the manual reconciliation costs.
In the official press release, Asheesh Birla, senior vice president of product at Ripple said: “By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently. All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”
Birla’s thoughts were echoed by James Hickman, Chief Commercial Officer at FairFX, who said: “xVia will allow us to reach more people, more efficiently and at a lower cost. It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer experience possible using RippleNet.”
In addition to the xVia technology, Ripple Labs has also other solutions like xRapid and xCurrent aimed at facilitating faster money transfer across the globe using the blockchain technology.
Last week on Wednesday, April 25, Ripple Labs also released its Q1 performance report for 2018 marking a phenomenal rise of 83 percent in the total sale of XRP tokens compared to its previous quarter.
The report notes: “While the total market capitalization of all digital assets was the same on both November 24, 2017, and March 31, 2018, XRP’s share of that market capitalization doubled, rising from 3.56 percent to 7.57 percent.”
Tom Channick, Ripple’s head of corporate communications said that the XRP sales far exceeded the company’s expectations. He further added: “As a company, our strategy remains focused on signing up customers to use our technology and moving those customers into production. If we continue to do that, we will fix how money moves around the world.”