Ripple Expands Business Interests in the U.S. and Africa
Ripple, a crypto-payments firm, has recently announced two new initiatives aimed at growing its business interests in both the U.S. and Africa.
Firstly, the company unveiled an updated settlements platform called Ripple Payments, with the goal of attracting a new set of corporate clients in the U.S. by offering cross-border payments solutions. Secondly, Ripple also announced a partnership with African fintech MFS Africa, now known as Onafriq.
Both of these announcements were made as Ripple hosts its flagship event in Dubai.
Ripple Payments Platform
Ripple’s Head of Payment Products Brendan Berry emphasized that the new Ripple Payments platform is designed for simplicity. The platform abstracts the complexity of interacting with digital assets and blockchain, providing customers with an elegant solution to send payments immediately. This simplified platform is tailored to serve new clients and companies without their own money transmitter license or in-depth knowledge of blockchain and crypto.
Ripple’s acquisition of money transmitter licenses, including 30 in the U.S., has been crucial to rolling out this new payment product. Previously focused on serving licensed financial institutions using XRP token for instant cross-border transmissions, Ripple is now allowing new corporate clients to send payments within its network.
The aim is to improve companies’ ability to complete cross-border payments to suppliers, vendors, or overseas employees more effectively. Currently serving customers in over 50 countries across six continents, Ripple plans to expand its new payment solution beyond the U.S. next year.
African Partnership
In addition to its U.S. initiative, Ripple also announced a partnership with fintech MFS Africa, rebranded as Onafriq. This collaboration will focus on facilitating cross-border crypto payments between Africa and markets such as the UK, Australia, and Gulf Cooperation Council.
Through Ripple Payments, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia will be able to send money to recipients across Onafriq’s pan-African network which connects over 500 million mobile wallets across 40 African countries.
Hot Take: Ripple’s Expanding Reach
Ripple’s move to expand its reach through updated platforms and strategic partnerships reflects its commitment to simplifying cross-border payments for both corporate clients in the U.S. and customers sending money into Africa from around the globe. As Ripple continues to innovate and collaborate with key players in different regions, it is poised to make a significant impact on global remittances and financial transactions.
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