As the XRP digital asset is making waves in the crypto-markets due to the anticipation of xRapid going live next month, the team at Ripple has updated on the progress of RippleNet across the globe. The team reported that the network is now active in over 40 countries that span 6 continents.
In the recently released report, RippleNet is improving remittances across the globe as well as enhancing the payment efficiency of Small and Medium Enterprises (SMEs). With global remittances totaling over $600 Billion in 2017, Ripple is at the forefront of addressing the need for faster, cheaper and secure remittances to all corners of the globe.
The team highlighted the newest global corridors that have a combined market potential of over $2 Billion in remittance inflows in the last one year. With InstaRem and RationalFX, RippleNet opens am avenue for remittances between the United Kingdom, Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. There is also Remitr and FlutterWave who will use the network to tap into the corridor from Canada and Nigeria. Africa is pretty much an untapped market that could be where Ripple end up thriving than anywhere else. Another corridor is that of Brazil, Spain, Italy, Germany, France and Portugal that has been made possible through BeeTech and InstaRem joining RippleNet.
RippleNet also affords all its members the added benefit of using Ripple’s other products of xVia, xRapid and xCurrent.
Summing it up, the Ripple firm has diligently and meticulously carried out its expansion efforts by bringing in banks and remittance service providers under the one umbrella of RippleNet. This in turn will smoothen the operations in the remittance industry by providing a friciton-less experience for both the user (banks and remittance service providers) and their customers.