Ripple has expanded its payments network to more than 70 crypto and traditional payout markets. “Accumulatively this adds up to 90% of the global foreign exchange market,” the company explained, highlighting that the Ripple network has facilitated over $30 billion in payment volume to date.
Latest Iteration of Ripple’s Payments Solution
Ripple announced at its annual Swell Conference in Dubai on Tuesday that over 70 payout markets are now available on the Ripple network. The company explained that Ripple Payments, formerly known as Ripplenet, “provides the enterprise-grade infrastructure required for businesses to leverage blockchain easily for faster, cheaper, more efficient cross-border payments without needing to be an expert.”
Noting that “The Ripple Payments network now provides near global payout coverage through single onboarding,” the company clarified that it has:
Expanded access to Ripple’s full global network of more than 70 crypto and traditional payout markets.
Moreover, Ripple noted that its network reaches more than 70 countries, with over $30 billion in payment volume moved so far. “There are over 70 payout markets available via the Ripple network, accumulatively this adds up to 90% of the global foreign exchange market (which includes treasury / corporate FX cross-border payments).”
Rocketfuel, a global payments solution company, is among the first customers to leverage the newest iteration of Ripple Payments. Rocketfuel CEO Peter Jensen commented:
For too long, the financial industry has suffered from using antiquated technologies, resulting in high costs, lost revenue, and inefficient and unpredictable processes. Blockchain and digital currency applications provide an avenue to radically improve those shortcomings.
In addition, Ripple announced on Tuesday that its partner Onafriq will utilize Ripple Payments to “open up three new payments corridors between Africa and the rest of the world.”
Ripple further noted that it has acquired more than 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and Money Transmitter Licenses (MTLs) across the U.S.
What do you think about Ripple expanding its payments network to over 70 crypto and traditional payout markets? Let us know in the comments section below.
