As the cryptocurrency market continues to run the bull-marathon, the worldwide adoption aspect of the blockchain space has also become exponentially promising in recent times. One of the biggest contributors that have worked towards crypto-adoption is Ripple, pushing XRP forward by utilizing it through the services provided by the RippleNet.
Cebuana Lhuillier is one such player in the industry that has now decided to use RippleNet products to advance its services technologically. It is a Philippine-based pawnshop and the signature brand of PJ Lhuillier Group of Companies.
Recently, Ripple also released its report of all the breakthroughs in 2018. Here, the company displayed its focus on adoption, markets and the regulatory framework. The executives at Ripple believe that the ASEAN region has progressed and is way ahead of the regulatory bodies in the USA in terms of regulatory clarity towards the cryptocurrency and blockchain space.
After partnering with Ripple, Cebuana Lhuillier has become the first player in the micro financial service sector to use the blockchain technology in its services.
Jean Henri Lhuillier, the Chief Executive Officer and President of Cebuana Lhuillier also commented on the company’s move to partner with Ripple. He said:
“Using xCurrent will improve efficiency on how we provide service to our clients. This will also highlight Cebuana Lhuillier’s commitment to further innovate and evolve—true to our reputation as best-in-class in our industry.”
On the market front, XRP has shown immense correlation with the price of Bitcoin [BTC]. As the king-cryptocurrency hit $4,000, all the other altcoins followed the lead and welcomed the bull. XRP, being no exception is close to hitting the milestone of $0.4.
At the time of writing, XRP was trading at $0.36 with a market cap of $14.8 billion. The 24-hour trade volume was recorded to be at $742 million.
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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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