Ripple aims to conquer the global market
Ripple has more than 350 partners around the world who use the company’s payment technology to process cross-border payments at low cost in a short time. Ripple has more than 500 employees worldwide and is trying to expand its business further, especially in Asia. In an exciting interview, Marcus Treacher laid out his vision for the company’s future expansion. In a new interview, Marcus Treacher describes Ripple (XRP) as planning to offer its own payment technology in every country in the world by 2021. Ripple is looking to expand into China, but local legislation is still a major hurdle.
Marcus Treacher, SVP for Customer Sucess at
Ripple, explains in a fireside chat with Z/Yen Chairman Michael Mainelli that
Ripple is broadly positioned and prepared to provide global coverage for
financial institutions with Ripple’s payment technologies by next year. Half of
current customers are payment companies such as MoneyGram and affiliated
exchanges such as Bitso, the other 50% are banks.
Furthermore, Ripple wants to use its own
network to enable cash payments in every country worldwide and thus help
millions of people. Due to the partnership with MoneyGram, Treacher also
expects Ripple to achieve worldwide coverage by mid 2021:
The way we’re heading I would think by
mid-2021 we’ll have, to intensive purposes, complete global coverage. We do
have a great pipe into MoneyGram, which we have a relationship with, which
gives us a cash payout in virtually every country in the world and we’re
looking to build that up and plug that into the RippleNet Network this year.
As Treacher further explained, Ripple’s
mission is to offer its customers payments around the world. In order to
achieve global coverage, Ripple is therefore planning to increasingly rely on
partners like MoneyGram, which already process payments in more than 160
Our network is only as big as the customers
that we connected to and clear through so right now we clear directly in 45
countries. Through a number of RippleNet members like Nium, for example, with a
head office in Singapore, who are aggregators like Earthport, for example, we
can touch many many other countries.
Another important market is China, but
access to this market remains difficult due to strict laws. According to
Treacher, Ripple is already doing business at some important “hubs”, but he did
not give any further details. In order to ensure a smooth market entry,
Treacher said that the global geopolitical situation must first relax before
expansion into the “Middle Kingdom” can proceed.
Adaptation of new credit platform to be
As Crypto News Flash has already reported,
Ripple is planning to launch a new credit platform. Treacher also said in the
conversation that Ripple not only wants to make payments possible, but will
greatly simplify the lending process and streamline the processes involved. At
this point, Ripple also wants to solve the problem of immediate liquidity,
which is still a problem for many payment companies.
Author : Collin Brown