Satoshi Nakamoto Blog
Image default
Altcoin News Barclays Crypto Cryptocurrency MasterCard NEWS remittances Ripple Ripple tech

Ripple, Mastercard and Barclays Invest in Ripple-Based Remittance Firm SendFriendRipple, Mastercard and Barclays Invest in Ripple-Based Remittance Firm SendFriend


Remittance company SendFriend has received investments from Ripple (XRP), the Mastercard Foundation, MIT Media Lab and Barclays in a funding round, according to a press release published on Feb. 11.

In the round, the firm raised $1.7 million from investors — also including Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital — to develop its remittance service, which lets users send money to the Philippines using blockchain.

SendFriend uses Ripple’s xRapid product for cross-border payments, converting between USD, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.

The press release claims that SendFriend will feature “fees that are 65% lower than the industry average.” David Lighton, SendFriend co-founder and CEO declared:

“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

As Cointelegraph reported last month, SendFriend was among 13 new financial institutions that recently joined Ripple’s payment network, RippleNet, bringing the total number of customers to over 200.

At the end of last month, Bill Barhydt, CEO of crypto wallet provider and payment startup Abra, stated that consumer cross-border payments and remittance services at scale continue to be a struggle for many crypto firms.

–AltcoinToday.com

Photo via Shutterstock.

Source: Cointelegraph

loading…









Source link

Related posts

Japan Wants to Regulate Crypto Wallets, Breach of User Privacy?

satoshi

Bermuda Issues Draft Cryptocurrency Custody Rules

satoshi

Tesla Model 3 right-hand drive spotted in California

satoshi

‘XRP Army’ Accused of Harrassment After Intense Debate Over the Token’s Market Cap

satoshi

Analyst Claims Ethereum (ETH) Could Soon Surge 90% to $200, But it May First Drop to $90

satoshi

Tamebay 2018 Reader Survey – First winner announced

satoshi