On 5th September, TransferGo, a European digital payment, and remittance solution platform announced that its customers in India will now be able to make instant transfers to any part in Europe. The company will be partnering with Ripple Labs to become one of the first companies in the market to offer real-time money transfers using blockchain as the underlying technology. The company has already begun offering the real-time transfers yesterday.
The Founder and CEO of TransferGo, Daumantas Dvilinskas stated:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers. By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
The company intends to use Ripple as a replacement for slower communication systems specifically SWIFT [Society for Worldwide Interbank Financial Telecommunication] that can take up to 2-3 days to transfer funds.
Recently, Ripple started targeting Asian markets for the propagation of their technology. In an effort to tap the 70 Billion Remittance market in India Asheesh Birla, SVP of Product at Ripple said:
“We realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
According to TransferGo, Ripple’s recent dominance in Indian markets made it the right solution for TransferGo’s first launch of the service. Moreover, Ripple is head to head in competition with the 60-year old banking system SWIFT that makes it an ideal match, as TransferGo intends to replace it.
In TransferGo’s opinion, the success of India-Europe real-time money transfers has given the company a boosted confidence to create additional products and services. In their view, blockchain technology helps provide a concrete customer value.
Additionally, TransferGo also stated that it will be launching free money transfers between the two countries. The transfers will be powered by Ripple it added.
Marcus Treacher, SVP of Customer Success at Ripple also spoke of the arrangement between Ripple and TransferGo. He said:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning into new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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