Money Transfer Operator In South Africa Adopts RippleNet For Fiat & Digital Assets Transfer
Prominent money transfer operator Xago has made a major change in its services by announcing the integration of RippleNet into its gateway.
Xago Africa was established in 2014 to deliver vital public infrastructure projects supported by private funding with the aim of fostering economic growth and sustainable industrial development in Africa. Based in Kenya, Xago Africa combines engineering and project management capabilities with an unrivaled investor network to accelerate socio-economic development for the people of Africa.
The company has stated, “XAGO uses the XRP Ledger as a distributed exchange, where users can exchange XRP for ZAR.”
Xago uses the XRP ledger to grant users free transfer and exchange of digital assets among XRP addresses and so it, therefore, offers its customers in South Africa a remarkable service.
Ripple’s native token, XRP is also used by the money operator to bridge the exchange of South African ZAR with digital assets. Their gateway is created for businesses however, the firm calls on new and existing businesses providing wallet or remittance services in either crypto or fiat to opt for its user define services.
Their website says:
“The XAGO Gateway provides an entry point into the Ripple Network. We enable customers to transfer assets, both fiat and digital, locally and internationally, using the Ripple Network. XRP is the native digital asset of the XRP ledger and can be freely sent and exchanged among XRP addresses. This makes XRP a convenient bridge currency. XAGO uses the XRP Ledger as a distributed exchange, where users can exchange XRP for ZAR.”
As the need for dependable financial service grows with about 1.7 billion unbanked adults across the world, global blockchain technologies like Ripple are proffering solution to people’s long term glitches. Ripple is leading the Fintech industry by benching bank owned SWIFT, collaborating with top class financial origination as well as grasping the developing Sub-Sahara Africa where the majority of the unbanked people live.