Ripple, one of the leading crypto companies based in the US, has been on a mission to expand its services and connect to banks, financial institutions, and payment providers from all over the world. The company now announced that it will soon start providing services to customers in Sweden and France, as well.
Ripple has found that the European market is ready for disruption with its fast and extremely scalable network, the RippleNet. To achieve this, the company partnered with Lemonway and Xbaht, which will now allow it to facilitate real-time, cross-border payments to the two countries.
Two new companies to adopt RippleNet
In order to disrupt the market in France, Ripple teamed up with a Paris-based Lemonway. This is a payment provider that focuses on online marketplaces, and it will leverage Ripple’s ODL to boost its treasury payment processes. Ripple announced the deal in a blog post, noting that Lemonway will eliminate the need for pre-fund accounts abroad, which will, in turn, allow it to boost its business using the pre-funded capital that was trapped previously.
As for its expansion to Sweden, Ripple ensured it through a partnership with Xbaht — a local money transfer provider that allows for an easy way to send funds between Sweden and Thailand. Through the partnership, Ripple will start offering near-instant and much more affordable retail remittances that will rely on its HODL.
The new deal will help Xbaht improve the process of sending remittances between the two countries, which means that the company will be able to offer a better service to its customers. The payments will arrive faster, they will be a lot more reliable, and their cost will decrease drastically.
Ripple’s Managing Director of Europe, Sendi Young, stated that Ripple has been focusing on using crypto and blockchain to build real use cases ever since it was originally founded 10 years ago. This is why it is actively seeking partnerships with companies that seek to help people send money across the border in the fastest, most reliable way possible and eliminate issues like high cost, the lack of speed, and alike.
Ripple continues its expansion
Meanwhile, back home, Ripple is still locked up in its legal battle with the US SEC, which accused the company and its officials of selling unregistered securities and profiting off of their investors illegally. The lawsuit has ended up costing Ripple several major partnerships, and the crypto winter that followed also had quite a negative impact on the company’s native cryptocurrency.
Despite all of this, Ripple has managed to bounce back, it found new partners, and its business has been on a constant rise, alongside its client list. It claimed that RippleNet’s yearly payment volume run rate exceeded $15 billion, and in Q2 of this year, ODL grew more than nine times, year-on-year. Its ODL already enables payments to 25 major markets, including Singapore, Indonesia, Malaysia, Thailand, Poland, and more. Now, two new ones have been added to the list, and Ripple will continue to expand even further in days to come.
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