Ripple announced today on their blog that they have entered into 5 new partnerships in an effort to increase adoption of their payment Application Program Interface [API] xVia.
xVia is a standardized API that allows financial institutions and businesses to send and receive payments through Ripple’s blockchain, RippleNet.
Ripple describes it as:
“xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface.”
Ripple sees this as a way to unify the fragmented, non-traditional banking systems used in emerging countries. Countries like Vietnam, which uses digital wallets and Africa, which uses mobile money, can provide an easier platform for financial transactions through xVia.
“xVia serves as a vehicle for a variety of different players within the global payments ecosystem to interact and complete transactions directly.”
The xVia API is standardized, allowing for faster and cheaper transactions with reductions in high failure rates associated with traditional methods of cross-border money transfer methods.
Asheesh Birla, the Senior Vice President of Product at Ripple said:
“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently. All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time-consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”
The partnerships in question are FairFX, a foreign exchange platform working out of UK, MoneyMatch, a Fintech startup from Malaysia, UniPay, an E-wallet solution based out of Georgia, RationalFX and Exchange4Free, who are both foreign exchange platforms based out of UK.
Ripple plans more partnerships in the future to enable the creation of ‘a leading financial network. These partnerships are a part of Ripple’s pursuit in the vision of a world where money moves as information does today, also known as the Internet of Value.
Redditors responded to the event, with Twitter user an0namau5 saying:
“As always, good news = fall in price”
User DoubleEko said:
“Ripple are highly professional. They believe in their product and they have faith that the product will do all the talking :o)”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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