After a rumor-filled day which saw the Cobalt update being delayed again, the XRP community breathed a sigh of relief post Bitrue exchange’s announcement of adding XRP as a base pair against three cryptocurrencies viz, Basic Attention Token [BAT], DASH, and STORM.
Bitrue is a Singapore-based exchange, but has offices all across the world, including in US and Japan. The exchange announced the development via Twitter:
[Bitrue New XRP Base Pairs]
— Bitrue (@BitrueOfficial) March 24, 2019
The exchange upgraded their wallet for XRP and resumed the deposit and withdrawal of XRP on March 23, 2019. Moreover, the exchange has over 34 cryptocurrencies paired to XRP, including Bitcoin Cash [BCH], EOS, Ethereum Classic [ETC], GAS, and OmiseGo [OMG].
Bitrue also included other programs for XRP to attract users to its platform as it announced an XRP airdrop and a 7.3% interest program for XRP in March 2019. The airdrop was extended to two weeks after users requested for the same.
— Bitrue (@BitrueOfficial) March 25, 2019
@plitern1, a Twitter user, commented:
“Thank you for the continued roll-out of XRP base pairs!🥰
This is how the whole echosystem of crypto starts to mature as a whole: The diminishing correlation to the Btc peg. It’s not only great for #XRP but for everyone that likes crypto & wants crypto as a whole to succeed. 🌊”
Another Twitter user, @super_dog79, commented:
“Your response to your customers is endearing. It won’t belong before you’re the preferred exchange of retail customers . Great platform !”
The stigma of XRP being a security has been reducing after more and more exchanges began adding XRP to their exchanges. In addition to listing XRP, they are also adding XRP as base pairs.
Moreover, March seems to be favoring XRP adoption as CoinField also announced the addition of 130+ pairs against XRP on their testnet in March 2019. Sharia-compliant Middle East exchange Rain also added XRP to its roster of cryptocurrencies. Furthermore, UK’s PayGlobal also added the XRP feature to their platform, allowing users to convert their crypto to fiat with a new bank card.
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SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple
SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— SendFriend (@sendfriendinc) June 23, 2019
Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.
There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.
By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.
Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”
David Lighton had said,
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
A Twitter user @mister_pace, commented,
“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”
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