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Ripple: xRapid-powered remittance service to The Philippines will go live this month, confirms SendFriend

Arijit Sarkar



Ripple leads the crypto adoption race as xRapid steps foot into the Philippines
Credit: Pixnio

After years of being ridiculed an mocked, the world of cryptocurrencies and digital assets is finally getting its due following the growing involvement of several institutional investors. Presently, it’s not just financial and non-financial institutions running the race to get a step ahead in the field, but governments across the world are in the same boat as well. The participation of each and every one of these institutions is a step forward in the goal to spur global crypto-adoption.

Ripple, one of the pioneers of the field,  has been making headlines recently, not only for XRP’s stellar trading value recovery in 2019, but also for leading the race to push crypto-adoption across the globe. Most recently, the company got a green signal to push its in-house digital asset, XRP, to the Philippines. The move was made possible following the SendFriend partnership that was announced earlier this year. The partnership is aimed at enabling cheaper cross-border transactions using Ripple’s xRapid network.

Speculations about the new service launch were fueled after SendFriend’s official Twitter handle tweeted,

“Cheaper 💸 Faster ⚡ More Secure 🔒

Sending money to the #Philippines has never been easier! How do we do it? By using blockchain technology to innovate the money transfer process!”

If there was any doubt about the tweet itself, SendFriend clarified all doubts after it responded to a user and said,

“Thanks for checking us out! We will be live later this month!”

While this is move is speculated to ultimately source liquidity and facilitate real-time cross-border payments for Philippines via XRP, Ripple’s $1 million investment in SendFriend hints at a much broader plan in terms of XRP adoption. On the brighter side, the crypto-community has made its interest clear in using the service straight away, to which the company responded,

“We use the xRapid network, which does use XRP. However, right now you can’t send enterprise payments using SendFriend, only personal payments. It’s in the roadmap for the future, though”

SendFriend also shared its roadmap that currently includes geographical expansion and support for additional corridors. The backbone of the operation, Ripple, recently got listed on Switzerland’s commercial registry and plans to involve itself in the “sale of digital assets XRP to institutional buyers.”

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ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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