Eva Kaili spoke at a Ripple Regionals event organized by Ripple at a hotel in London. Eva Kaili, a member of the European Parliament spoke about Blockchain technology and how it’s disrupting a lot of the sectors and gave an insight into her entry into blockchain.
Speaking at the event, Eva Kaili talked about how she faced a lot of pushback from the first blockchain conference she attended in 2014 just because she was a politician. She continued that this made her more intrigued and curious to dwell deeper into the technology and learn more about it.
Kaili went on to state,
I believed that if we were not positive, the resistance of the traditional players would only increase and could even kill a technology that had so much potential for good.”
She further stated that there is a huge contrast between then and now and said that the scenarios had changed quite a lot. In addition, she continued that the regulation of blockchain and digital assets was well received by EU banks and leaders from different financial institutions.
Eva Kaili said that the reason why they had not turned a blind eye to this nascent technology was due to two reasons, the first being the growing mainstream acceptance to this technology by leaders across the world and the second was a result of EU’s new approach to regulation.
The defensive stance taken by world leaders and countries has changed quite a lot. Blockchain and digital assets [cryptocurrencies] are being accepted and even looked into by many huge firms and institutions.
Moreover, the central banks and the government are considering these technological innovations to change the existing framework, especially when it comes to cross-border payments or remittance or payments in general.
With Ripple’s blockchain payment solutions, the payments are getting cheaper, faster and more secure than previously imagined, and all that is left to do is for the regulators to embrace it soon.
A Twitter user @alex32059821 commented:
“A big news release today would be great with the pumping going on right now.”
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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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