Ripple, one of the leaders of the blockchain-based revolution, may have added another partner this year after a holdings company, Aluf Holdings Inc., announced its consideration of Ripple and its cryptocurrency XRP.
Aluf Holdings Inc. tweeted on 7 March, 2019 about their interest in Ripple and the cryptocurrency XRP. The tweet read,
“#XRPCommunity, we’ve heard a lot about you, and we’re excited to announce that we’re looking into @Ripple & the XRP Ledger for our latest acquisition pursuit in the biometrics space and our desire to transition its proprietary technology onto the blockchain. Stay tuned for more!”
Ripple already is the leader in revolutionizing the payments/remittance sector. However, CEO Brad Garlinghouse had revealed that Ripple was moving into the blockchain-based gaming industry, which was being built on the XRP Ledger by leveraging XRP, at the Paris Fintech.
Additionally, if the partnership with Aluf Holdings goes through, Ripple will move into yet another important sector, the biometric space.
Aluf Holdings’ Vice Chairman of the Board, Ben Zandi stated,
“When you combine the power of probability of these ultra-identification technologies with zero knowledge storage, encryption, privacy, security, and trust available through blockchain, you have a solution that is game-changing. We’re going to be the ones that bring that to market.”
Aluf is a holding company that operates dynamic, growth-oriented, and proprietary technology businesses. The companies are at various stages of development, ranging from established and cash-generating businesses to early-stage development companies.
With over 250+ partnerships with various banks and financial institutions, Ripple is planning to bring about the Internet of Value where all banks inter-operate on a global network, RippleNet.
Aluf Holdings were, however, forced to clarify a stance soon after the announcement.
@JosephSchules, a Twitter user commented,
“Your looking to acquire Ripple?”
Aluf Holdings, Inc. replied,
“We are not. We are specifically interested in using XRPL / Codius / ILP, etc. – We will update with more information soon!”
@XRPCenter, an XRP enthusiast and a Twitter user, said,
“That’s amazing. It’s very exciting to see new participants jumping into the ecosystem every day.
Really interested about what you’re willing to use codius for :).”
Subscribe to AMBCrypto’s Newsletter
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”
Subscribe to AMBCrypto’s Newsletter