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Ripple new partner Currencycloud is expanding its pilot multi-currency wallet infrastructure

Ripple new partner Currencycloud recently announced the deployment of new payment infrastructure for fintech companies and financial institutions – Currencycloud Spark – after testing launched last year.

Ripple partner Currencycloud expands its new pilot infrastructure for Fintechs

This is a project that was first announced in 2019 to launch products in the first half of this year and attract new customers. In particular, customers like Starling Bank, Remitr, and TranSwap have joined this new infrastructure to make payments faster for Fintech and banks.

At the moment, Currencycloud Spark allows customers to make payments in more than thirty different currencies in almost anywhere in the world. With Currencycloud Spark, fintech companies and financial institutions can set up accounts so their customers can send, pay, or receive money through IBAN (International Bank Account Numbers).

Currencycloud allows all of this to happen by creating a multi-currency wallet for each customer. More than thirty fintech companies have joined the Currencycloud Spark project.

Elsewhere, the London-based Currencycloud payments platform has managed to receive a license from the Dutch Central Bank. The license is mainly given to banks and will permit Currencycloud to keep managing its customers’ wallets on EU territory. Customers can wire funds across Currencycloud’s network.

The e-money license granted to Ripple’s partner by the Central Bank of the Netherlands will allow the payment platform to continue working across the EU regardless of how Brexit may change the remittance market in Europe after the current negotiations between officials of the UK and EU.

Overall, this is part of the company’s strategy to expand from its Amsterdam office and bring onboard more financial institutions in Europe as customers.

In addition to helping its partners improve their infrastructure for cross-border payments, the massive blockchain chain Ripple often makes XRP transfers directly. The company usually provides its new partners with large amounts of XRP, with strict restrictions on the sale of those assets.

Earlier today, Whale Alert reported that Ripple transferred 75 million XRP ($ 22,505,325) from its Funding Wallet1 to another Funding Wallet. However, the purpose of this payment is not explained. However, one Twitter user in the comment series has speculated that this could be Ripple buying XRP from the open market.

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