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Ripple adds another customer as investor sentiment for XRP rides high

Priya

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Ripple adds another customer as investor sentiment for XRP rides high
Source: Unsplash

Amore Finance, a startup providing banking solutions for businesses and individuals startup based in Prague, Czech Republic, has partnered with Ripple to join its ever-growing network of banks known as RippleNet, according to a local news portal. In addition to this announcement, it has been reported that the finance startup joined RippleNet in cooperation with Cleverlance, a technology firm in the Czech Republic.

RippleNet was launched by Ripple, with the aim to solve existing problems of cross-border payments, such as real-time payments solutions and low transaction fees. It is a network of banks, financial institutions and financial software providers, mobile wallets and many more, using Ripple’s solutions and enables participants to transact through a single agreement around the globe.

Amore Finance is the first financial startup from the Czech Republic to join the network, and providing its customers access to fast and cheap transactions with absolutely no error rates. This was achieved mainly because of Cleverlance guiding the startup throughout its onboarding process.

The other notable members of RippleNet are MUFG, the 5th biggest bank by assets in Japan, Santander, Bank of America, Mizuho Financial Group, MoneyGram and Western Union.

Cookie Monster, a Twitterati said:

“My head is spinning from all these banks Bank!”

Dimmy, another Twitterati said:

“It goes on and on. Ripple”

Recently, Ripple released their Q3 report which revealed that they sold over $163 million in XRP and that the institutional direct sales saw an increase of approximately 500% to $98.06 million in comparison to Q2’s $16.87 million. The company marked this milestone despite the high volatility of the market.



The report stated:

“XRP II, LLC — a Ripple subsidiary that is a registered and licensed money service business (MSB) — sold $98.06 million worth of XRP in institutional direct sales”

In addition, the programmatic sales also saw a significant increase over the past three months, an $8.61 million increase to Q2’s $56.66 million. The company also released 3 billion XRP from their escrow accounts out of the 55 billion which was locked up and secured cryptographically. Out of the 3 billion XRP, 2.6 billion XRP were being utilized and the rest are set to be used in order to support the XRP ecosystem.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ripple

Ripple partners with Brazil’s Front Exchange to launch Simple to ease cross-border remittance

Rishi Raj

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Source: Pixabay

Ripple has been living true to its motto of promoting cross-border payments with low transaction fee lately with a barrage of partnerships and other developments. Last week, Ripple-backed remittance providers such as InstaReM and MoneyNetint made the news by partnering with banks in order to simplify cross-border transactions. After the partnership between BeeTech with Ripple-backed MoneyNetint, another Brazil-based exchange broker, Frente Corretora de Câmbio or The Front Exchange has partnered with Ripple to launch ‘Simple’, a platform created to cater international remittance and tourism exchange.

As cited on the exchange’s website, The Front launched the Simple platform for providing remittance and tourism exchange in partnership with Ripple. Simple will enable Brazilians to make cross-border payments, starting June 2019.

Carlos Brown, the co-founder of Front Exchange, commented on the launch of Simple and said,



“Simple’s user is the average citizen, who has a child living outside the country, for example. This public does not make large remittances, it is a money for the family, and this percentage charged by the institutions ends up swallowing a very large part of the value.”

Brown further claimed that the platform would not charge any transaction fee, but will be based on the gain of spread that the transaction delivered. The correspondents associated with the exchange would act as a FinTech, which would help in the growth of operations. Brown stated:

“We want to win with a high amount of operations and not with a very high spread, like traditional financial institutions.”

The Front Exchange recently opened a representative office in Miami and is looking forward to set-up two more representative offices in Boston and New York. The Central Bank ranked the broker exchange as the 15th largest currency brokerage in Brazil. With the partnership with Ripple and the launch of Simple, the exchange is expected to climb to the fifth place by the end of the year.





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