There is a lot of volatility in the cryptocurrency space right now and with the ecosystem being in such a state, the adoption process is slow. Digital assets like Ripple’s XRP has been one of the leading cryptocurrencies in the space and making a strong case for integration in banks and other financial sectors for cross-border transactions and settlements.
In a recent report, the global payments company, Remitly is interested in Ripple’s XRP and is planning to implement the cryptocurrencies blockchain technology into their financial transactions services.
The CEO and co-founder of Remitly Matthew Oppenheimer said that they are looking into the technology in blockchain in order to improve global transactions through peer-to-peer systems and suggests that a partnership with Ripple is on the table to enable smoother transactions. Discussing the matter, Oppenheimer said:
“When I thought a lot about Bitcoin, especially as I was building the business, I was like, I always come back to the customers and say, what is the customer value. The customers could be someone like us, like Ripple could be an example, we could integrate with Ripple, that’s the one that we pay a lot of attention to, or the customer could be an end consumer.”
Remitly is a relatively new transaction payments firm which deals with transactions all over the world. Founded in 2011, the company has been transferring almost $6 billion a year which currently makes them the biggest independent money transaction firm in the United States.
In equity, Remitly raised around $200 million and has also been able to generate more than $175 million in funds from numerous industrial leaders like Stripes GRopu, Naspers’ PayU, DFJ, DN Capital, Bezos Expeditions and so on.
Oppenheimer went on to say:
“I can see how can financial services institutions like us, integrate with blockchain technologies to drive down our costs and therefore make it less expensive for customers, or faster to your ACH point.”
In terms of price, Ripple’s native token XRP is currently performing quite well on the day. The digital token is currently priced at $0.31 after experiencing a 3.41 percent increase over the past 24 hours. XRP’s market cap is $12,842,745,183 at the time of writing, just falling behind Ethereum which is now the second biggest cryptocurrency in the space.