Ripple Labs Inc, the blockchain-based payment solutions provider, has won the 2024 FinTech Breakthrough Award as the Best Cross-Border Payment platform and the Best DeFi Infrastructure platform.
Ripple's awards and XRP price
The organizers recognize the best companies, products and people in FinTech, including payments, wealth tech and more.
Ripple took to social media platform X to announce the latest achievement at the FinTech Breakthrough Awards 2024. The company revealed that it had been recognized in two categories: Best Cross-Border Payments Platform and Best DeFi Infrastructure Platform.
The award for Best Cross-Border Payments Platform was a significant win for Ripple, placing it at the forefront of innovative solutions in the B2B Payments sector. Among other notable awardees in this category were Corpay for Best B2B Payment Platform and Papaya Global for Best B2B Payment Product.
Additionally, JPMorgan Chase secured the award for Best Wealth Platform in the Wealth Management category, further highlighting the caliber of recipients of the FinTech Breakthrough Award.
With the award, certain members could not shake the anticipation that these honors might lead to a favorable effect on the value of XRP, Ripple's associated digital currency. XRPcryptowolf, a prominent figure in the Ripple community, echoed this sentiment, stating:
If only these awards could convert to boosting XRP’s price.
Despite optimism surrounding Ripple's accomplishments, the price of XRP has remained relatively low, defying predictions of a significant surge by some crypto analysts.
Ripple's success amid SEC lawsuit
Despite facing obstacles like the ongoing Ripple SEC lawsuit, Ripple continues to make strides in the realm of cross-border payments. The company's innovative approach to facilitating seamless transactions across borders has earned it recognition at prestigious events like the FinTech Breakthrough Awards 2024.
Industry analysts credit Ripple's achievements to its commitment to transforming cross-border payments, despite facing regulatory challenges and market fluctuations. As the fintech industry in Africa flourishes, Ripple, in December last year, aimed at the $2.7 trillion market opportunity by collaborating with Onafriq to enhance cross-border transactions.
As Ripple persists in advancing and broadening its footprint in the FinTech sector, its acknowledgment at the FinTech Breakthrough Awards is seen as a major accomplishment for the financial company.