The main goal of the cryptocurrency ecosystem is to achieve mainstream recognition. Many cryptocurrency organizations are working hard to reach the largest number of geographic regions in the world.
Ripple, with its efficient system of cross-border transactions, has been following this aspiration. Roel Wolfert (Managing Partner at VGrip), reiterated the same in a blog titled “How blockchain will help banks tap new markets in MENA.”
The conclusion of Ripple Regionals MENA was a conference at which representatives from the South Asian and Middle Eastern regions discussed the need to revamp transfer technologies. This blog by Wolfert states:
Cross-border cash transfers can consume as high as 9 percent of the money sent. This is both a profit for service providers and a loss for customers. Fintech companies use blockchain technology, mobile devices and social network plug-ins to disrupt the current remittances system.
Wolfert refers to a recent report published by Blockdata, which states that blockchain-based transactions are 127x cheaper and 388x faster than traditional remittance methods. He also spoke out about how Blockchain is disrupting traditional banks and remittances.
Cross-border cash transfers can consume as high as 9 percent of the money sent. This is both a profit for service providers and a loss for customers. Fintech companies use blockchain technology, mobile devices and social network plug-ins to disrupt the current remittances system.
Recent Forbes articles also highlighted Ripple’s achievements in cross-border transactions, including partnerships the Brad Garlinghouse-led firm has made with financial institutions like PNC bank and Banco Santander. According to the article:
“PNC Bank is using Ripple’s blockchain software for international payments. Santander already has revenue from One Pay FX which is a Ripple-based foreign exchange service.
