Cambridge Global Payments has inked a partnership deal with Ripple and will join RippleNet to speed its transnational payments
Cambridge Global Payments has inked a partnership deal with Ripple and will join RippleNet to speed its transnational payments. They will start using RippleNet to speed its transnational payments.
— Cambridge (@Cambridge_FX) October 14, 2020
Ripple reveals its partnership deal with Cambridge Global Payments
In 2018, Cambridge Global Payments started a pilot program for using Ripple’s XRP and On-Demand Liquidity. Now, the partnership has been launched. Cambridge Global Payments is a renowned provider of transnational payment solutions related to currency risk management.
On Oct. 14, Cambridge Global Payments spread the word about its partnership with the tech giant Ripple to provide transnational payments to its B2B clients. It intends to optimize the delivery of payments by using RippleNet—the global payment network built by Ripple, which has been joined by over 350 customers already.
When Ripple and Cambridge ran trials of RippleNet-based payments, vendors who used another Ripple Customer, Siam Commercial Bank, as a partner, had their deposits delivered with a substantial reduction in time: 99%. Other providers delivered deposits to banks within about two days.
Apart from that, Cambridge Global Payments displayed increased transparency during the payment process. The company is considering adding other countries and local currencies that can be sent via RippleNet.
As per the company president, Mark Frey, the deal with Ripple allows Cambridge to expand its presence in the APAC region.
Ripple’s David Schwartz has revealed that he sold 40,000 ETH at $1
Ripple’s Chief Technology Officer, David Schwartz, has revealed that he and his wife decided to make a derisking plan for their crypto investments in 2012 – resulting in the eight-figures worth of missed profit at current prices.
In a series of tweets published on October 11, Schwartz revealed that he sold 40,000 ETH for $1 each back then — a stash that would be worth more than $15.5 million at today’s prices. He also said that he regretted selling a significant sum of Bitcoin for $750 and a large trove of XRP at $0.1, but did not reveal the volume of the sales.
David why didn’t the banks brad spoke of in 2018 and 19 who were going to use #xrp materialise? Was this part of the reason you choose to derisk?
— Major Banks (@Thejoke93099730) October 11, 2020
Schwartz revealed his early conservative downsizing while responding to Twitter user ‘PbuzzXr’ who claimed that “anyone pushing XRP while derisking is exit scamming” in a wide-ranging thread. Ripple’s CTO emphasized that his decision to derisk in 2012 was informed by the fact he is a risk-averse person with people who depend on me financially and emotionally.
“Fate caused me to put a lot of eggs in one basket. The risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”
Last week, Ripple’s co-founder and executive chairman, Chris Larsen, criticized the United States for failing to keep up with the likes of China, Singapore, and the United Kingdom in fostering crypto innovation, hinting that the company may soon relocate from the U.S.
You can see the Ripple price here.
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