Ripple Extends Payment Network to Over 70 Markets Amid Growing Demand for Digital Asset Integration
Ripple, the San Francisco-based blockchain company, is making waves in the world of global payments with its recent expansion of Ripple Payments to over 70 markets. This development comes at a time when businesses are increasingly looking to embrace digital assets, marking a significant shift in the financial industry’s landscape.
Traditional Payment Rails Fall Short
Traditional payment systems have often fallen short when it comes to meeting the evolving needs of businesses engaged in cross-border transactions. In response to these limitations, more than 80% of global finance leaders are now considering the integration of digital assets into their operations within the next three years. Ripple is at the forefront of this transformation, aiming to streamline cross-border payments using blockchain technology.
Ripple’s Vision for Seamless Value Transfer
Ripple’s overarching vision has always been to move value as seamlessly as information flows in today’s digital age. Central to this vision is the use of blockchain-enabled solutions to simplify cross-border payments. Drawing on over a decade of experience in serving enterprise customers globally, Ripple is constantly fine-tuning its payment solutions.
Key Announcements at Swell Conference
During Ripple’s annual conference, Swell, several significant announcements were made, highlighting how Ripple Payments can cater to a wide range of payment needs for businesses around the clock, across different regions and currencies. These key announcements include:
- Regulatory Approvals: Ripple has obtained money transmitter licenses in multiple U.S. jurisdictions and approval from the Monetary Authority of Singapore, allowing Ripple Payments to offer its products and services in these regions.
- Global Payout Coverage: With a single onboarding process, customers now have access to nearly 100% of global payout coverage, spanning over 70 payout markets through Ripple’s international payments network.
- XRP Ledger Integration: Ripple is integrating with the XRP Ledger’s native decentralized exchange to enhance global liquidity options for customers. This integration will streamline customer onboarding into new markets and improve product performance.
- Expanded Liquidity Options: Ripple Payments now offers expanded liquidity options to meet customers’ liquidity needs on demand, round the clock.
RocketFuel: A Pioneering Customer
RocketFuel, a payment solutions provider for merchants handling crypto and fiat payments, is among the first customers to utilize this new version of Ripple Payments. By leveraging Ripple’s extensive payout network, RocketFuel can meet customer demands for direct payments in various payout currencies. CEO Peter Jensen highlighted the transformational impact of Ripple Payments, noting that it allows RocketFuel to serve global customers more effectively than the legacy financial system.
A Seamless Experience for Institutional Users
Brendan Berry, Head of Payment Products at Ripple, emphasized the company’s commitment to providing a seamless experience for institutional users to address real-world financial challenges. Ripple recognizes payments as the “killer app” for digital assets and aims to offer customers a comprehensive product that encompasses optionality, speed, ease of use, and compliance.
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