Ripple continues to add new clients to its distributed payment network RippleNet. Two international companies involved in money transfer – Singapore InstaReM and Brazilian BeeTech, started cooperation with the Ripple. Representatives of the companies said that the goal of the partnership is to provide access to lucrative transfers to client companies. The advantages of such translations they include transparency, speed and low costs.
The cooperation will facilitate payments between Latin America and in a number of countries currently serviced InstaReM, including markets in South East Asia and Europe.
Pavane Fernando (Fernando Pavani), founder and CEO BeeTech, commented:
«This partnership with RippleNet, giving our customers access to a large number of services collected in one place. They now have the opportunity to send payments and to access new suppliers in more than 60 markets via xVia — simple API — connection».
Also recently RippleNet joined Kuwait Finance House, which announced may 26 that it will use the service for cross-border payments. The company also noted that it was the first Bank in Kuwait, which joined the network on the basis of the blockchain. Only last month, at least six banks and payment service providers have joined the Ripple, including the South Korean stock exchange and a company for the translation of Coinone.
In addition, in February it was announced that the largest Bank of Latin America joined in
to the Ripple network. Itaú Unibanco will use the system xCurrent on the blockchain Ripple for processing international payments and remittances. In the same month, there appeared information that joined RippleNet
company Western Union and UAE Exchange, and a leading payment operator China LianLian International.
In General, the Ripple network is clearly gaining momentum – more and more financial institutions are making the choice in its favor, despite the fact that the company periodically finds himself at the center of discussion and scandal. Recently, a regulatory expert said that the cryptocurrency XRP may be considered a valuable paper, and soon thereafter against the company was filed a lawsuit accusing it of violating the securities laws of the United States. In its attempt to distance itself from the token, Ripple start rebranding
XRP, but it is unlikely to yield the results, hoping firm.