Ripple Partner goLance Reveals Why They Chose XRP over Bitcoin
- The traditional way of moving money is complex, time-consuming, and ties up liquidity
- Unlike traditional cross-border payment services that can take six months, Ripple gets new corridors up and running in two weeks
Ripple partner goLance, a global freelance marketplace has no full-time employees but is run by freelancers. This Ripple in his latest blog shared that gives the company a “unique insight” into the needs of their customers and “the importance of the faster, cheaper payments Ripple has enabled.”
goLance CEO Michael Brooks explains how meeting these freelancers face-to-face for his business helped him in seeing why freelancers hate the traditional cross-border payment methods such as remittance or wire transfers. It costs them too much of their paycheck and takes them to long to actually get paid.
Traditional services meet multiple currencies
goLance's freelancer platform has grown to over 500,000 users, but these new communities come with the challenge of using a traditional cross-border payment service that has high fees and can have a long wait period before ever receiving the money. Brooks said:
“Arranging fast payments from one side of the world to another using multiple currencies and processes isn’t straightforward.”
Traditional methods to send money across borders to other countries was through wire transfers that move money from bank to bank slowly and with each bank taking a cut. This he says makes absolutely no sense, especially when the user is trying to move a small amount of money. After the banks all take their cut, the recipient earnings drastically reduced. The other way Brooks shares is
“to develop relationships between banks in each country but that’s complex, time-consuming and ties up liquidity.”
Choosing a “stable, utility-based digital asset”
goLance’s key business strategy is connecting its freelancers with payment solutions that help users get their funds in a fast, efficient, and cheap way. And that’s why the company joined RippleNet that allows goLance to tap into the existing global network of bank and payment services to get new corridors up and running in two weeks instead of at least six months. This also means cross-border payment happens in real-time and at a much lower cost.
Brooks says Ripple’ On-Demand Liquidity (ODL) that leverages XRP gives them the
“ability to make hyper-efficient, low-cost payments that make our customers happy and drive growth for our business.”
goLance also chose XRP because Ripple is a service provider and businesses can visit their offices all over the world and work with their team, however,
“If there’s a problem, I can’t call Bitcoin.”