In a press release today, Ripple have announced that their continued expansion is gaining even more momentum, with the addition of five new clients spanning four countries.
Conquering New Markets
Ripple has been extremely successful to date, offering a fast, cost-effective and easy solution to global payments. Now, it has added two banks; Itaú Unibanco from Brazil and IndusInd from India, and three remittance organizations; InstaReM from Singapore, Beetech – also from Brazil – and Zip Remit from Canada.
These companies will be using xVia and xCurrent, for individual customers’ international payments and international transactions for financial institutions, respectively.
Patrick Griffin, Ripple’s Head of Business Development, said:
Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.
The new partnerships specifically target areas of growth. The press release reports that India “saw a total [of] $65 billion move into the country” – this is along with $61 billion in China and $600 million in Brazil. Both Beetech and Zip Remit have stated their interest in connecting with the Chinese market through this partnership.
The new has yet to have a positive impact on the price of XRP, which stands at $1.02 at the time of writing, according to Coinmarketcap. However, it is reasonable to expect a bump during the back end of this week.