Ripple Launches New Settlements Platform, Announces New Partnership with African Fintech Firm
During Ripple's annual conference Swell, held in Dubai, the company announced partnerships and initiatives aimed at broadening its cross-border payments solutions.
In collaboration with African payments fintech Onafriq, Ripple is expanding remittance capabilities in Africa and establishing blockchain-based payments corridors.
These corridors will connect Onafriq users in Africa with customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Monica Long, president at Ripple, said:
“We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”
Furthermore, Ripple is targeting corporate clients without their own money transmitter licenses with its updated settlements platform, Ripple Payments.
The platform aims to simplify cross-border crypto payments for corporate clients in the U.S., attracting those without the licenses or extensive knowledge of crypto. Ripple's acquisition of multiple money transmitter licenses, including 30 in the U.S., has enabled the rollout of this new payments solution.
The XRP token, native to the Ripple blockchain, has made headlines recently following its victory over the SEC. Further, XRP received approval from the Dubai Financial Services Authority.
XRP has gained 100.4% so far this year, and is currently trading at $0.6799, according to CoinMarketCap data.
