The cryptocurrency ecosystem is a sphere of high volatility and experimentation, due to which the involvement of major financial institutions and cooperations do not take place as smoothly. The adoption of virtual assets has been slowly progressing and Ripple’s XRP has been arguably leading the cryptocurrency universe and making a strong case for implementation in banks and other financial sectors for cross-border transactions and settlements.

According to a recent report, Remitly, an international payments company, is interested in Ripple’s XRP and is planning to integrate the cryptocurrency’s blockchain technology into their financial transaction services.

What is Remitly?

In a recent media conference, Matthew Oppenheimer, CEO, and co-founder of Remitly, said that they are looking into the blockchain technology for improving global transactions via a peer-to-peer system, and indicated that a partnership with Ripple to enable smoother transactions could be a reality soon.
He stated:

“When I thought a lot about Bitcoin, especially as I was building the business, I was like, I always come back to the customers and say, what is the customer value. The customers could be someone like us, like Ripple could be an example, we could integrate with Ripple, that’s the one that we pay a lot of attention to, or the customer could be an end consumer.”

Remitly, which is a fairly new international transaction payments company, was founded in 2011. The organization has been transferring nearly $6 billion a year, which currently makes them the largest independent international money transmitter in the USA.

The company has raised an impressive $200 million in equity and has also been able to generate over $175 million in funds from various industrial leaders such as Stripes Group, Naspers’s PayU, the International Finance Corporation, DFJ, DN Capital, Bezos Expeditions, Founders’ Co-op, QED Investors, and Trilogy Partnership.

Oppenheimer further mentioned:

“I can see how can financial services institutions like us, integrate with blockchain technologies to drive down our costs and therefore make it less expensive for customers, or faster to your ACH point.”

Source: https://pixabay.com/en/coins-cryptocurrency-ripple-xrp-3789233/