The enterprise blockchain solution for global payments, Ripple, has signed another partnership with a global giant from the B2B payments sector, Currencycloud, to explore new methods of making cross-border transactions.
January 2020, Currencycloud received a huge investment of $80 million from SBI Group, Visa, Siam Commercial Bank, and some other big investors. The UK-based global payment platform built on smart technology offers embedded B2B cross-border payments for platforms of the future and removes complexity from fund transfer.
Currencycloud since its launch in 2007 has been working with small and medium businesses, however, it is worth mentioning that some local regulators in some countries limit business opportunities even though globalization is on the increase and borders are wide open for business.
The partnership is believed to allow Currencycloud to explore new mechanisms of making cross-border payments efficiently, especially in regions where regulations and limitations that restrict opportunities for SMEs exist. The company hopes to make global pushing of funds easy for SMEs.
Two Ripple Partners Made Investment in Currencycloud
Of the whole investors that partook in the cross-border payment firm’s funding rounds, both SBI Group and Siam Commercial Bank are Ripple’s strong partners. Currencycloud is a respected firm offering embedded B2B cross border payment solutions.
The company said it would use the funding for growth expansion, develop innovative payment ideas, and also integrate with reputable software platforms to offer distinct payment solutions through cards and mobile wallets.
SBI has investments in different blockchain and crypto-inclined businesses across the world. The conglomerate has been paying its shareholders dividends using XRP, a token widely used in the cross-border remittance world to serve financial institutions largely made up of central banks, commercial banks, and some other prominent financial institutions.
One of SBI Holdings’ affiliated companies MorningStar was the first to pay its shareholders dividends with XRP token. Since then, SBIVC Trade, a popular exchange created by the conglomerate in Japan, also rolled out an XRP reward program for those who joined the exchange.
MoneyTap, a payment solution dependent on Ripple technology, was also co-developed by SBI Ripple Asia, a group of financial institutions spearheaded by SBI Holdings and Ripple.
SBI Holdings continues to create different ideas that are capable of increasing the adoption of XRP in Asia
Ripple Customers Hits 350
In another development, a researcher and XRP enthusiast, Leonidas Hadjiloizou, took to Twitter to announce that Ripple has an updated list of its customers on its official website. He emphasized that the list now includes 350 customers.
Ripple during its annual SWELL held in 2019 announced that it had 300 customers, however, Hadjiloizou explained that the customer list now uploaded by Ripple contains newly added customers.