Ripple Expands Global Payout Coverage
Ripple, the cross-border payment remittance firm, has reached a significant milestone with its payment services for customers. During its annual conference event, Ripple Swell, the company announced that it now offers 100% global payout coverage and global liquidity options to its customers.
The firm shared this achievement with the cryptocurrency community on X (formerly Twitter), stating that it can deliver end-to-end solutions for financial institutions (FIs) and small and medium-sized enterprises (SMEs) in over 70 payout markets. The company’s recent improvements are likely driven by an increase in XRPLedger and Ripple’s utility.
Additionally, Ripple has obtained money transmitter licenses from the Monetary Authority of Singapore and various United States provinces, allowing it to extend its products and services in more than 70 payout markets. This has increased both the liquidity and coverage of Ripple’s payment products and services.
This new milestone is expected to boost the XRP Ledger, leading to a surge in demand due to the 100% overall payout coverage and worldwide liquidity options accessible for Ripple’s customers. Gains in XRP have previously been triggered by developments in Ripple because the token is primary to XRPLedger (XRPL).
Ripple also announced its partnership with Onafriq, also known as MFS Africa, to enable digital asset-enabled cross-border payments in emerging markets such as Africa, the Gulf Cooperation Council (GCC), the UK, and Australia.
Partnership with Onafriq
Onafriq will utilize Ripple Payments to unlock three new payment corridors in Africa and other regions of the world. Through Onafriq’s pan-African network, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now send and receive business payments quickly and affordably to recipients in 27 countries.
Ripple aims to eradicate customary issues involved in cross-border payments using its crypto technology, including long transfer periods, unreliability, and high costs.
Hot Take: Ripple Continues Expansion
Ripple’s recent achievements demonstrate its commitment to expanding global payout coverage and providing innovative solutions for cross-border payments. With partnerships like Onafriq/MFS Africa, Ripple is poised to continue making a significant impact on the remittance industry by leveraging its advanced payment services and crypto technology. This could potentially lead to greater adoption of XRP as a key digital asset for cross-border transactions.
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