A renowned money transfer operator which targets accelerating financial inclusion with innovation, Xago, has stepped up its services for customers by announcing the integration of RippleNet into its gateway.
Based in South Africa, Xago, declared that it is using Ripple blockchain powered RippleNet for fiat and digital assets transfer both locally and internationally.
“XAGO uses the XRP Ledger as a distributed exchange, where users can exchange XRP for ZAR,” Xago stated.
Xago uses XRP ledger to grant users free transfer and exchange of digital assets among XRP addresses, thus offering its customers in South Africa a distinguished service.
The native currency of Ripple blockchain technology, XRP, is also used by the money operator to bridge the exchange of South African ZAR with digital assets.
Xago gateway is designed for business, however, Xago calls on new and existing businesses providing wallet or remittance services in either crypto or fiat to opt for its user define services.
Leveraging RippleNet, Xago gateway helps customers transfer their funds in a frictionless and efficient way with low transaction cost both at retail and remittance level. Through mobile phones and other technologies, Xago’s secure, low-cost and almost instantaneous financial service is handed to the unbanked consumers, among others.
Xago said the potency of Ripple as an enterprise blockchain solution that breaks barriers like low speed, inefficacy and high transaction cost, is an underlying factor for selecting the blockchain technology for its payment gateways.
A twitterati implied that the latest development will likely make Xago a major ZAR issuer in the XRP ledger (IOUs).
Here are some interesting answers I obtained from XAGO's FAQ
It appears that they will act as ZAR issuers in the XRP ledger (IOUs), and will leverage the decentralized exchange built into the latter in order to facilitate the money conversion.
So, probably this isn't RippleNet pic.twitter.com/DZj4l1oFHp
— XRP Research Center (@XrpCenter) April 3, 2019
Ripple, XRP Continues To Grow With More Opportunities In The Fintech Industry
As the need for reputable and dependable financial service grow with about 1.7 billion unbanked adults across the world, global blockchain technologies like Ripple are proffering solution to people’s long term glitches.
However, Ripple and its native token, XRP, are championing the Fintech industry by benching bank owned SWIFT, collaborating with top class financial origination as well as penetrating the developing Sub-Sahara Africa where majority of the unbanked people live.