Ripple’s Competitor DRIVE Partners With Bitcoin SV (BSV) to Use Crypto As A Bridge Currency
It seems that Ripple has a new adversary since last month when DRIVE Markets was first created. The new company is set to offer services such as crypto exchanges and a payment system.
Initially, the company offered forex services for the investors but now, clients can either use DRIVE Pay or DRIVE Banking, which are services especially created for payments and transfers of money.
The new partnership with Bitcoin SV will be considerably important for the platform’s growth as the company did not have any kind of partnership like this so far.
Trying To Overcome Ripple
The CEO of DRIVE Markets, Kate Hiscox, has already affirmed that a big part of the company’s goals are to promote and improve their products, partly because they want to beat Ripple in the markets that they are trying to compete. The addition of DRIVE Banking and DRIVE Pay will be important in this regard.
With the new partnership, the company affirmed that they have finally found a reliable partner that can help in their mission. According to members of the company, they were persuaded by the new partner with their BSV adoption road map, which taught them a lot about the technology and its potential.
The current ambition of Drive Pay is to become the service that will topple Ripplenet and its services like xRapid, xVia and xCurrent. They want to “avoid the bottlenecks” which are currently faced by Ripple and offer the best possible product.
According to DRIVE Markets, the goal of DRIVE Pay is to solve problems created in cross border payments using cryptocurrencies. The company knows that the trades can be less seamless than expected, so it is focused on offering a solution for the traders interested in doing it.
Since the company already owns a crypto exchange for forex traders, the focus on cross-border transfers is obviously very strong and the company already has several clients which have a big volume of trades.
DRIVE Banking, on the other hand, will be mostly used by the banking industry and will have its own DRV token. The service will be similar to Ripple because it will also cater to banks which want to make cross-border transfers, especially within their own institutions.
Finally, DRIVE Pay was created to use the Bitcoin SV ledger in order to, in a similar fashion to XRP, make cross-border transfers. This means that banks will have their own solution for trading with other branches and people and institutions can use DRIVE Pay.
The Partnership With Bitcoin SV
Obviously, BSV will be a huge part of DRIVE Pay. Because of this, the company has to face the obvious criticism for using a token which such a controversial community.
BSV was recently delisted from Binance, the largest exchange in the world, so the company had to comment about it. According to the CEO of the company, exchanges should be neutral when it comes to the day to day activities of the communities, so they were against the delisting.
Bitcoin SV is a hard fork of the Bitcoin Cash (BCH) network and it was hard forked in November last year. The two most public faces of the token are Craig Wright and Calvin Ayre, which are deemed as very controversial figures in the industry.