Ripple: xRapid-powered remittance service to The Philippines will go live this month, confirms SendFriend
After years of being ridiculed an mocked, the world of cryptocurrencies and digital assets is finally getting its due following the growing involvement of several institutional investors. Presently, it’s not just financial and non-financial institutions running the race to get a step ahead in the field, but governments across the world are in the same boat as well. The participation of each and every one of these institutions is a step forward in the goal to spur global crypto-adoption.
Ripple, one of the pioneers of the field, has been making headlines recently, not only for XRP’s stellar
trading value recovery in 2019, but also for leading the race to push crypto-adoption across the globe. Most recently, the company got a green signal to push its in-house digital asset, XRP, to the Philippines. The move was made possible following the SendFriend partnership that was announced earlier this year. The partnership is aimed at enabling cheaper cross-border transactions using Ripple’s xRapid network.
Speculations about the new service launch were fueled after SendFriend’s official Twitter handle tweeted,
Sending money to the #Philippines has never been easier! How do we do it? By using
blockchain technology to innovate the money transfer process!”
If there was any doubt about the tweet itself, SendFriend clarified all doubts after it responded to a user and said,
“Thanks for checking us out! We will be live later this month!”
While this is move is speculated to ultimately source liquidity and facilitate real-time cross-border payments for Philippines via XRP, Ripple’s $1 million investment in SendFriend hints at a much broader plan in terms of XRP adoption. On the brighter side, the crypto-community has made its interest clear in using the service straight away, to which the company responded,
“We use the xRapid network, which does use XRP. However, right now you can’t send enterprise payments using SendFriend, only personal payments. It’s in the roadmap for the future, though”
SendFriend also shared its roadmap that currently includes geographical expansion and support for additional corridors. The backbone of the operation, Ripple, recently got listed on Switzerland’s commercial registry and plans to involve itself in the “sale of digital assets XRP to institutional buyers.”