Ripple is one projects that the entire market looks forward to hearing from. It has been in the news recently for donations that it made, new investments and partnerships in hand.
The latest tweet from them read:
“Ripple’s $25 million investment in Blockchaincap’s new fund is the first and not the last contribution to ventures that further develop the Blockchain and XRP ecosystems.”
Fund Utilization and XRP’s role:
The Ripple project has invested over $25 million to empower innovation in Blockchain and cryptocurrency assets, according to the latest news.
The official website stated, Ripple has invested $25 million in XRP to Blockchain Capital Parallel IV, LP — the first fund to accept capital calls in digital assets and focus entirely on the development of the blockchain space.
Blockchain Capital will invest in start-ups that are building businesses by integrating blockchain technology and a total of $150 million worth fund will go right here. The investment will provide an opportunity to explore new use cases for Ripple’s Interledger Protocol and the XRP ledger. Both of these being open source platforms, provide an avenue for developers to directly work on the technology to develop it further.
Ripple’s primary focus from a long time is very popular by now, which is to eliminate friction from payments across the borders and new investment venture providing an opportunity to stand by and build upon practical uses beyond just payments.
Bart Stephens, Blockchain capital’s Co-Founder, and Managing Partner quoted:
“As pioneers in the blockchain sector, we have been on the frontlines and in the trenches with our portfolio companies, like Ripple, building a new crypto ecosystem. There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology.”
Ripple [XRP] is priced at $0.48 as seen at price time with some noticeable gains. The market capital has also increased considerably since and is currently worth $19 billion placing XRP in the top 3 as solid as ever.
As the ecosystem around blockchain continues to expand and develop, Ripple is looking to support new use cases of the technology including more investments in business use cases developed by entrepreneurial teams and funds. As the official website claims, Ripple believes in supporting the XRP Ledger and Interledger Protocol and will continue to look for opportunities to support entrepreneurs, companies, and funds that share this vision.
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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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