TransferGo Teams Up with Ripple To Utilise RippleNet Facilities

TransferGo Teams Up with Ripple To Utilise RippleNet Facilities
  • TransferGo has just this week kick-started a new arrangement with the San-Francisco-based company, Ripple.
  • This agreement has been done in order to utilise the company’s technology for cross-border transfers both to and from Southeast Asia

The online remittance platform, TransferGo has just this week kick-started a new arrangement with the San-Francisco-based company, Ripple. This agreement has been done in order to utilise the company’s technology for cross-border transfers both to and from Southeast Asia, Latin America and Africa.

TransferGo, go, go

Ripple announced the new deal in a blog post on Monday, stating that the London-based TransferGo will be using RippleNet features in order to facilitate cross-border payments. Despite this, it isn’t hugely detailed in that the remittance firm will have to start leveraging XRP for transactions. 

The post reads:

“[The CEO of TransferGo] acknowledges that by 2020, even a few minutes will be too slow, which is why TransferGo is looking to use RippleNet’s On-Demand Liquidity with XRP as an alternative to pre-funding.”

According to the Co-Founder and CEO of TransferGo, Daumantas Dvilinskas, this impressive technical achievement is going to have a real impact on the lives of its customers.

He said:

“After launching our Ripple corridor to India, we were able to pay out remittances in minutes… our U.K. customers are second-and third-generation Indians sending money to family and friends in India to help them pay utility bills and cover education costs. TransferGo enables those recipients to get that buying power as quickly as possible. Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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