xRapid User SendFriend Goes Live Soon as Thailand’s 3rd Largest Bank to Announce “XRP System”
- Thanks to Bitwise report, Ripple to take a “more conservative approach to XRP sales this quarter”
- XRP is currently trading at $0.399 in red
Ripple powered SendFriend is all set to go live later this month. The company that is targeting the Philippines to provide a cost effective way to send money back home for expatriates, answered an XRP enthusiast:
Developed at MIT by founder and CEO of SendFriend David Lighton, it will reportedly execute cross-border payments in about six seconds, providing customers cost savings of 65 percent in comparison to the traditional cross-border payment companies.
Thanks for checking us out! We will be live later this month!
— SendFriend (@sendfriendinc) June 5, 2019
The list of companies that back SendFriend includes Ripple, MasterCard Foundation, Barclays, MIT Media Lab, TechStars, and Mahindra Finance.
“We use the xRapid network, which does use XRP. However, right now you can’t send enterprise payments using SendFriend, only personal payments. It’s in the roadmap for the future, though.”
It is working with Ripple as its strategic partner for funds transfer service. xRapid is one of Ripple’s solutions that makes use of XRP digital asset to send money in real time all over the world.
SCB Thailand to Announce XRP System Soon
Another Ripple partner, Siam Commercial Bank, the third-largest financial institution of Thailand in response to an XRP enthusiast’s “when XRP?” said they will be coming with its XRP system soon.
SCB Thailand has already launched a blockchain platform that uses the Ripple’s xCurrent product to facilitate cheaper cross-border money transfers. Just last month, SCB announced that they will be using XRP via xRapid,
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcements.”
We also reported of an update to the bank’s SCB Easy app that allows users to send funds abroad at the cheapest rates via Ripple's technology. On May 22, the bank had confirmed that they are using Ripple technology but not working with XRP cryptocurrency yet.
Ripple Sales to Drop to 10bps from 20bps this quarter
In another event, Ripple is seeking to increase the “overall reliability of market structure and reporting at digital asset exchanges worldwide.” For this, Ripple is actively working with trusted partners to better understand the scope and scale of the problem.
Additionally, Ripple would take a “more conservative approach to XRP sales this quarter” and it further ensures that Ripple’s sales of XRP in Q2 2019 will be “substantively lower” to 10 bps from 20 bps.
Basis points (BPS) is a unit of measure for interest rates and other percentages in finance where one basis is equal to 0.1% or 0.0001 (1% change = 100 basis points) that is used to denote the percent change in a financial instrument.
This is all thanks to the Bitwise report to the SEC suggesting 95 percent of the volume reported by exchanges is fake.
On the price front, the third largest cryptocurrency by market capitalization is trading at $0.399 with 24 hours loss of 0.60 percent while in the past 10 days it is down by more than 10 percent, just like the majority of the market.