Companies Using RippleNet and XRP May Not be as Highly Reputed as Ripple Claims
Companies that have adopted RippleNet, a global payments network may not be as large as Ripple, a U.S-based fintech and blockchain company has touted them to be, if the findings of an anonymous Twitter user with username @TrollyTrollFace
Per the report, Trolly McTrollface, a user on Twitter publicized his findings after investigating many companies which had purportedly adopted RippleNet, a DLT-based technology that enables financial institutions to make cost-efficient cross-border payments.
Among these companies are Euro Exim Bank, Ahli Bank of Kuwait, SendFriend, JNFX, FTCS, and Transpaygo. Reportedly, the collaboration between Ripple and Ahli Bank of Kuwait, a retail and commercial bank does not count since only a Memorandum of Understanding was signed.
The author claims that the latter is an easier way of letting down a company rather than outrightly telling them no. SendFriend, a remittance service based in Kuwait was also scrutinized by accessing its portal, and the investigator claims the firm's site only has two pages.
Interestingly, McTrollface has revealed that while the submit button on the registration page was fully functional, once the button was clicked, he was redirected to a page informing him he had been placed on the waiting list. In essence, the SendFriend remittance startup is yet to commence operations.
Furthermore, JNFX, a UK-based foreign exchange firm upon review, shares the same postal address with several other small virtual companies on the internet. It, therefore, piqued the author's interest to find out how robust the company is.
Upon further research, it was discovered that JNFX is a one-man company since the CEO also serves as JNFX's secretary. Moreover, the revenue generated by the company since its inception in 2007 was far from remarkable.
Likewise, Financial Transaction Control Systems (FTCS AB), a Scandinavian e-money and prepaid issuer underwent the review process. Here, the Swedish company who owns Intergiro, an electronic wallet allegedly raised $1 million in 2017.
In the author's opinion, this amount is considerably low for a remittance company. Also, they could be struggling as a firm and with no hope of getting potential customers which Ripple may have taken advantage of to sell their technology. One more platform that investigated is Transpaygo, a financial service based in Vienna.
“Transpaygo is an Austrian e-payments startup whose main claim is to have 78k page views per month. A quick check with Similarweb reveals that’s very, very generous,” said the author.
However, on accessing the company's website and trying to send money, the writer claims to have been presented with an error page whose message said the page they were trying to access did not exist.
Conclusively, the author has noted that Ripple may have claimed to collaborate with a large number of financial institutions, but very few of such companies can bring something to the table.