Remitly CEO Expresses Interest In XRP, May Integrate Ripple’s Blockchain For Financial Transaction Services
Remitly CEO Expresses Interest In XRP And May Integrate Their Blockchain For Financial Transaction Services
Cryptocurrency has extremely high volatility, which is why many major financial institutions and similar firms do not gravitate towards it. The use of digital assets has been growing and, while the mainstream implementation is still far away, the XRP token of Ripple has been one of the most significant leaders in the crypto industry, which has been appealing to the same banks and financial institutions that wish to speed up their own settlements and cross-border transactions.
Based on a recent report, an international payments company called Remitly has seen some value in what Ripple is doing. They have expressed interest in the XRP token, and they even plan to use the blockchain technology of the cryptocurrency in their own financial transaction services.
Matthew Oppenheimer, the CEO and co-founder of Remitly, spoke at a media conference recently, confirming that his platform is seeking to use blockchain technology as a way to improve their global transactions. The concept would involve the use of a peer-to-peer system and partner with Ripple would make this transition exceedingly easy.
Oppenheimer said, “When I thought a lot about Bitcoin, especially as I was building the business, I was like, I always come back to the customers and say, what is the customer value. The customers could be someone like us, like Ripple could be an example, we could integrate with Ripple, that’s the one that we pay a lot of attention to, or the customer could be an end consumer.”
Remitly was founded in 2011, so they are still fairly new. However, they have managed to transfer about $6 billion annually, which means they are the US’s largest independent money transmitter of international funds. In their time, they have raised $200 million in equity, and have been the recipient of $175 million in funding. Supporters have included Trilogy Partnership, Stripes Group, QED Investors, Nasper’s PayU, Founders’ Co-Op, the International Financial Corporation, DFJ, DN Capital, and Bezos Expeditions.
Speaking on the possibility of integrating the Ripple ledger, Oppenheimer added,
“I can see how can financial services institutions like us, integrate with blockchain technologies to drive down our costs and therefore make it less expensive for customers, or faster to your ACH point.”