RippleNet Rebrands as Ripple Payments
The Ripple Swell Conference 2023 started with a big announcement: RippleNet, the flagship product of the fintech company, has been rebranded as Ripple Payments. This move signals a significant change in the company’s strategy to improve blockchain-enabled cross-border payments and encourage enterprise crypto adoption.
According to an official press release, Ripple’s global network now includes over 70 crypto and traditional payout markets, showcasing an expanded reach for enterprise-grade cross-border payment solutions. Additionally, the company has obtained more than 30 licenses to strengthen its regulatory compliance.
Monica Long, President at Ripple, emphasized the importance of blockchain and digital currency applications in overcoming challenges in the financial industry during her speech at the Swell conference. She stressed that “Crypto utility starts with payments,” and Ripple is unveiling an end-to-end solution to achieve that.
RocketFuel, an early adopter of the rebranded product, praised Ripple Payments for its effectiveness in global service delivery. CEO Peter Jensen stated that it allows them to serve their customers globally in a more effective way than the legacy financial system.
Onafriq Expands Payment Corridors
Ripple’s partnership with Onafriq, previously known as MFS Africa, has resulted in the establishment of three new payment corridors. This expansion aims to facilitate streamlined and cost-effective remittance and business payments between Africa and various international markets.
The updated partnership enables customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to make transactions with recipients in 27 countries across Onafriq’s expansive pan-African network.
Dare Okoudjou, Founder & CEO of Onafriq, emphasized the strategic importance of this collaboration in advancing their mission to make borders matter less when it comes to payments within, to, and from Africa.
Hot Take: Embracing Crypto Utility Through Rebranding
The rebranding of RippleNet as Ripple Payments signifies a significant shift in Ripple’s approach towards enhancing cross-border payments through blockchain technology. By expanding its reach and strengthening its regulatory compliance while integrating with XRP Ledger’s native decentralized exchange (XRPL DEX), Ripple aims to make crypto benefits accessible for any business.
The partnership between Ripple and Onafriq is also pivotal in advancing their shared mission of accelerating financial inclusion across Africa through faster and more cost-effective cross-border payments. This collaboration not only enhances payment systems but also extends beyond immediate benefits by promoting regional interoperability and cross-border payments.
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