In a recent Twitter post, Ripple Labs announced their partnership with BeeTech, a Brazilian financial service. The company is born out of ideas that connect financial technology and innovation to transparency. The announcement read:
“We’re thrilled to partner with BeeTech. Ripple supports them with payments infrastructure that enables them to rollout new products, offering same-day transfers out of Brazil.”
BeeTech’s primary objective is to simplify and automate processes to provide a secure, personified and unique experience to its customers. Moreover, through its products, the company wants to offer its customers financial solutions to all processes involved in overseas transactions. The partnership gave a window of opportunity to eliminate the friction of cross-border payments between Brazil and Latin America.
The SVP of Customer Success at Ripple, Marcus Treacher, said after the announcement:
“BeeTech is a great partner & Ripple customer. Privileged to be working with them & building the
A Twitter handle by name xrpbrazil tweeted:
“BeeTech is huge. First platform totally online for cross-border payments in Brazil!!”
Recently Ripple has been seeing rapid expansion. Many companies have been flocking in, to partner with Ripple. Another recent partnership came to light featuring Ripple and TransferGo. This announcement, made on 5th September, allows cross-border payments between India and Europe with the help of Ripple’s payment system.
In one of its tweet, Platio an all in one smart banking platform headquartered in London stated that they have a vendor agreement with Ripple. The company further revealed that it will be integrating with Ripple’s xVia feature to transmit payments.
Sri Lanka’s notable commercial bank, Cargills Bank Limited, also recently partnered with Ripple Labs Inc. The partnership enabled cross-border inward remittances to Sri Lanka using RippleNet. The COO of Cargills Bank, Rohan Muttiah, said:
“We use technology to make Banking and payments simple, convenient, and accessible. Joining RippleNet allows Remittance Agents and Banks to leapfrog sources of friction and complexity in Inward Remittances while offering beneficiaries’ unparalleled access to their funds through Cargills Food City supermarkets.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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