Ripple’s Enhanced Payments Network
Ripple has broadened its payments network to encompass more than 70 crypto and traditional payout markets. This expansion amounts to 90% of the global foreign exchange market, with over $30 billion in payment volume to date.
New Features Unveiled at Swell Conference
During its annual Swell Conference in Dubai, Ripple revealed that its network now covers over 70 payout markets. The company emphasized that Ripple Payments, previously known as Ripplenet, offers businesses the infrastructure needed to easily utilize blockchain for quicker, cheaper cross-border payments.
Ripple’s network now includes access to more than 70 crypto and traditional payout markets worldwide.
The network spans over 70 countries and has moved more than $30 billion in payment volume. Rocketfuel, a global payments solution company, is one of the first customers to benefit from Ripple’s enhanced Payments system. According to Rocketfuel CEO Peter Jensen, blockchain and digital currency applications offer the potential to significantly improve the financial industry’s outdated processes.
Expanding Corridors and Acquiring Licenses
Onafriq, a Ripple partner, will utilize Ripple Payments to establish three new payment corridors between Africa and the rest of the world. Additionally, Ripple has obtained over 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and Money Transmitter Licenses (MTLs) across the U.S.
Hot Take: Ripple’s Global Reach Continues to Expand
Ripple’s recent expansion underscores its commitment to revolutionizing cross-border payments by offering a seamless and efficient solution for businesses around the world. With its enhanced network coverage and new partnerships, Ripple is well-positioned to continue making significant strides in the global payments landscape.
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