Marcus Treacher, SVP Customer Success, Ripple stated, “The industry will experience further consolidation – in crypto, fintech, and even traditional banking. We saw many crypto companies shutter or get acquired this year, proving assets with no real use case won’t survive.”
A month ago, Brad Garlinghouse tweeted: “Not surprising to see this kind of consolidation, and expect this will set the stage for more to come in 2020 – in fintech, crypto and beyond.” He stated this when he shared his take on Visa acquiring Plaid, the payment startup for $5.3 billion.
The XRP community considers this to be a hint of more of newer acquisitions set to happen this year in 2020.
Sydney Ifergan, the Crypto Expert, tweeted: “Big Heads from Ripple XRP are talking about consolidation, shuttering and acquiring. Waiting to see real events of acquisition unfold this year.”
Of note, Garlinghouse previously stated that the world does not need 3000 cryptocurrencies and that the industry should be expecting to see a migration to quality during 2020.
The RippleNet provides payout capabilities in nearly 40+ currencies. On-Demand Liquidity is supplied as a significant alternative to pre-funding. They provide operational consistency by way of a common rulebook.
Several significant businesses like on Ripple. American Express, MoneyGram, PNC, Santander, SBIRemit are a few to name.
American Express, one of the partners of Ripple, is working on getting a license from the Chinese Central Bank (PBOC) to use Ripple’s technology to make instant payments.
Alex Holmes, MoneyGram’s CEO, stated, “With the launch of the new FastSend service, sending money is now as easy as sending a text. FastSend builds on the success of our top-rated mobile app and will further MoneyGram’s leading position in the evolution of digital P2P payments.”
Using the new feature facilitated by FastSend, MoneyGram customers will be able to send money and perform fast and secure transactions directly to the recipient’s phone numbers. The fee per transaction is less than $2 for transactions from debit cards.
Of note, Money Gram made a strategic partnership with Ripple in 2019 and obtained two portions of investment from it.
NBE, the most significant Egyptian bank, will be the first banking institution, which will leverage the blockchain technology. Now, being a member of the Ripple network, cross-border payments will take place practically in no time.
RippleNet has more than 300 financial institutions, and it is expected to “grow exponentially” for the future.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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