Remitly Considering Signing up to Ripple’s xCurrent Platform

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Remitly transfers more than $6 billion every year in remittance payments across the globe, and it’s now looking to team up with Ripple to make the process faster and cheaper. Currently Remitly users can send money from the US to a basket of countries across eastern Europe, Asia, Africa and south America, by teaming up with Ripple and its cross-border payment platform, it can cut the fees and transaction times down, helping it shine even brighter. Matthew Oppenheimer – Remitly CEO – has already expressed an interest in using blockchain technology, but is still on the fence.

Oppenheimer Discussing Ripple

Steven Diep – Ripple and XRP researcher – has been hard at work trying to find new companies that are willing to partner up with Ripple and implement its technology. He came across a talk that Oppenheimer gave earlier this year where he spoke openly about how Ripple could be useful for Remitly in better serving its customers. Oppenheimer was quoted as saying: “Now the focus is on blockchain. And when I thought a lot about Bitcoin, especially as I was building the business, I always come back to the customer and say, ‘What is the customer valuing? We could integrate with Ripple. That’s one we pay a lot of attention to. Or the customer could be an end consumer.”

Just Another Ripple Spoof Project?

Something major appears to be going on at Ripple currently, and nobody is quite sure what it is. A blogger recently exposed a number of Ripple’s alleged partners to be either fake, dead or tiny companies. A week later, Ripple fired its chief marketing strategist Cory Johnson and blamed it on crypto winter. This doesn’t scream success, but more of Ripple is struggling behind the scenes. Remitly hasn’t come out and confirmed that it’s actively working on partnering with one of Ripple’s cross-border payment solutions, indicating this could be another PR spin for Ripple.

More Firms Signing up with Ripple

There is no doubt about it, Ripple is a fairly popular distributed ledger platform for financial companies to use. Last week, two new companies signed up to RippleNet in a bid to create a global payments corridor. UAE Exchange and Unimoni will now be able to transfer funds to Thailand using Ripple’s technology at a faster and cheaper rate than ever before – better serving their customers. This technology could be useful to Remitly who allows customer who send money from the US to primarily third world countries.

Whether the rumors are true or not is yet to be seen, but it wouldn’t come as a surprise if this was a case of Ripple looking for some positive PR after a torrid month of allegations. On the other hand, of Remitly does indeed partner with Ripple, it’s fees will drastically drop, making it the most popular platform to send money out of the US.