Ripple, the parent company of the third largest cryptocurrency in crypto-mania, XRP, has always been considered as one of the dominant blockchain players of the space because of its hefty client list of financial institutions. The blockchain firm is also popular because of its various collaborations towards providing a decentralized payment platform across the globe.
And now, Ripple has shaken hands with Ria Money Transfer, the second largest liquid asset transfer business globally, backed by Euronet Worldwide. Euronet Worldwide is a major name in the realm of electronic payment services providers based in Kansas, United States.
Through this association, long-lasting positive effects are bound to happen on both partners’ huge communities. Ripple will be able to increase its digital and physical footmark along with its ecosystem because of its partner’s presence in 155 countries with impressive 377,000 branches.
Ria Money Transfer, on the other hand, will employ Ripple-backed RippleNet payment network (that comprise of more than 200 financial institutions globally) to facilitate its clientele of millions with swift, transparent and efficient transactional experience who transact $40 billion annually in money transfers.
The announcement was made by none other than Michael J. Brown, CEO and President of the Euronet during a recent Euronet conference call. The President of the company quoted on the occasion about the partnership as:
We signed an agreement with Ripple that gives a Ripple access to Ria's global physical and digital footprint, also allowing Ria's customers to connect and transact with Ripple's network which includes more than 200 financial institutions worldwidehttps://t.co/xX1LT5czHC
— ANT1 (@ANT159694954) May 1, 2019
Juan Bianchi, the CEO of the Euronet’s money transfer segment also seemed confident about the positive aspects the partnership will bring for the sake of both parties. According to him, Ria’s association with Ripple aids to build “innovative payment infrastructure” that aims to ensure easier access to their potential partners while delivering swift and easy payments to its clientele. In his own words:
“At Ria, we have developed the second largest Money Transfer network in the world along with a best-in-class compliance program all connected by our proprietary technology. Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners while delivering faster and cleaner payments to its users. Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”
Marcus Treacher, Customer Service SVP (Senior Vice Presiden) at Ripple also shared his thoughts about the promising aspects that partnership will benefit both companies. He said:
“This partnership will enable Ripple to expand the reach and solutions for our partners and the overall banking ecosystem. Ria is one of the top money transfer players in the industry, with the second largest network in the world and is known for its world-class service. By joining RippleNet, Ria not only enhances our value chain for our partners but will continue to improve remittance times and costs for both their customer and enterprise clients.”
Although, last month was considered as relatively satisfactory for the cryptocurrencies. Ripple’s native token XRP, on the other hand, struggled for the most part of the month. The coin joined the bullish ride for the first few days of the month but couldn’t keep up continuing its positive stride on the trading charts lately.
In the wake of this relatively huge announcement, the popularity of XRP has stepped up the ladder which would surely have some positive effect on its price. When? We hear you ask. We don’t know the exact date but one thing we are positive about is, it will sooner or later (we think).
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.