RIPPLE EXPANDS ITS ALLIANCES TO THE EMERGING MARKETS OF BRAZIL, CANADA, INDIA AND SINGAPORE

Ripple continues to attach allies to its platform, conquering new financial markets and the payment industry.

Recent information highlights several companies established in countries such as Brazil, India, Singapore and Canada. Brazilians Itaú Unibanco and remittance service provider BeeTech will use RippleNet to make value transfers globally, quickly, cheaply and safely, benefits that blockchain technology allows. In turn, the Indian bank IndusInd and the Canadian company Zip Remit will also use the platform, while the international transfer service InstaRem joins to process payments in Southeast Asia, being one of the main services of its kind in the region.

  

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According to Ripple in a press release, the markets of Brazil, India and China are a clear objective of these services since 85% of the world's population lives in these countries, an amount that in a percentage of 90% are people under 30 years old, a fundamental segment for the adoption of innovative technologies. Specifically, according to its statistics, between India and China, $ 60 billion dollars were transferred with these methods in 2017, while $ 600 million dollars were transferred to Brazil from the United States.

Being emerging markets, Patrick Griffin, Business Development Director of Ripple, said that the problems of payment platforms have a negative effect on these markets, which is why Ripple's role in offering solutions of this type stands out.

>The problem of payment platforms is global in scope, but their negative impact disproportionately affects emerging markets. Whether a professor in the United States sending money to his family in Brazil, or the owner of a small business that wants to transfer money in order to open a second store in another country, it is imperative that we connect the financial institutions in a payment system that works in favor of its users and not against.

***Patrick Griffin

Director of Business Development, Ripple***

For its part, Prajit Nanu, CEO of InstaRem, a company that they claim to process 500,000 transactions a year, celebrated the partnership in order to improve payment processing in the Australia, Canada, Hong Kong, Singapore and India, as well as other 60 countries. The InstaRem service has a potential reach to send funds of 3 billion people, with a client base of 40,000 ventures and individuals.

Along with its growth of value in the markets, and despite the fact that in the blockchain community the centralized nature of the Ripple network is criticized, it has managed to establish alliances with important institutions and companies at a global level. Recently, it was learned about the signing of an agreement between the financial authorities of Saudi Arabia and Ripple, where the central bank of that country will conduct a pilot program with that platform to streamline their transactions. Likewise, the Western Union bank will do the same.

At the same time Santander bank, based in Spain, announced that it would soon launch its own payment application based on the Ripple network, an expected release since its announcement in 2016 and which shows the confidence of this entity in the blockchain operator . Also, earlier this year, it became known that the popular Moneygram payment application would also perform the relevant tests for the same purpose of accelerating money transfers, as well as the Chinese payment application LianLian Pay.

Being initially blockchain a global network whose nodes are distributed both in its computer protocol and physically and geographically, they allow transactions to be carried out with high efficiency and connect different ports and users in a single shared network of immutable and verifiable record in real time, thanks to this technology.

However, it is important to note that the Ripple business network is controlled by its participants directly through the node domain, while the Ripple native cryptocurrency (XRP) sold in exchange houses is not used in the private network for payment services. , banks, brokerage houses and businesses; rather, each pilot uses the protocol cards issued internally according to their needs. For this reason there are dissimilarities in the public perception of this company about the credibility of its blockchain platform, whose alliances agreed upon in its existence so far have not been unsuccessful.