Ripple, the San Francisco-based blockchain company, has expanded the coverage of its payment network, Ripple Payments, to offer services in over 70 markets.
This development is part of Ripple's push to optimize the efficiency of cross-border payments using blockchain technology.
Ripple's strategic expansion
Ripple's move comes at a time when over 80% of these leaders are looking to integrate digital assets into their operations within three years.
Ripple Payments aims to facilitate this transition by offering blockchain-enabled solutions to streamline cross-border payments.
The network's expansion, which was detailed at Ripple’s Swell conference, showcases the company's commitment to adapt and respond to the payment needs of businesses across various regions and currencies.
Ripple has secured the necessary regulatory approvals, including money transmitter licenses in various U.S. jurisdictions and a green light from the Monetary Authority of Singapore, to operate within those regions.
As mentioned above, customers can now access global payout coverage in more than 70 markets through a single onboarding process.
Ripple and Onafriq forge new remittance corridors
Ripple has entered into a partnership with Onafriq, a fintech company, to open new remittance corridors between Africa and the Gulf Cooperation Council, the U.K., and Australia.
The partnership leverages Ripple Payments technology to address common issues in cross-border payments such as transfer delays and high costs, which could potentially improve the remittance process in Africa.
Onafriq plans to utilize Ripple’s technology to connect its extensive mobile money network, which includes over 500 million mobile wallets across Africa.
This collaboration is set to facilitate more efficient and less expensive remittances and business payments to 27 countries across Onafriq’s network.