In February 2018, San Francisco-based blockchain startup Ripple, which focuses on providing a fast and secure global payment system, has added five new customers in the banking and remittance (money transfer) sectors. The banks are Itaú Unibanco – the largest private bank in Brazil – and IndusInd of India. The remittance providers are Zip Remit of Canada, InstaReM of Singapore and Beetech of Brazil.
Ripple Strengthens Reach to Emerging Markets
These financial institutions are joining more than 100 companies already connected to RippleNet, Ripple’s decentralized global network of banks and payment providers. These businesses will increase RippleNet’s service to emerging global markets, where almost 90 percent of people under 30 reside.
“Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails,” Prajit Nanu, co-founder and CEO of InstaReM, said.
A Feb. 21 press release states that Ripple’s use of blockchain technology can offer customers lower costs and transfer times, which can be especially helpful in developing countries “where financial flexibility is limited.”
Patrick Griffin, head of business development at Ripple, believes blockchain can deliver a payment system that works in favor of, not against, individuals in emerging markets, “Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small-business owner in India trying to move money to open up a second store in another country.”
Ripple Releases Dual Academic Papers for Review
Also on Feb. 21, Ripple announced that its research and development team published two new academic papers for peer review, one on the XRP Ledger Consensus Protocol, and one introducing Cobalt, a new asynchronous consensus algorithm. These are the first peer-reviewed academic papers released by Ripple.
Ripple’s XRP is the world’s third-largest cryptocurrency in February 2018, by its market cap of about $38 billion. XRP’s price is about $0.97 as of the 21.