By Tobi Loba
According to a publication made available on the official website of the US-based cross-border remittance company, Ripple, SendFriend, a money transfer company that takes up the responsibility of sending money to family and friends in the Philippines, is on a mission to transform its service delivery using Ripple’s digital token XRP, which will be built on Interledger Protocol (ILP) to make on-demand international transactions.
Going by Ripple’s report, over $45 billion served as transaction fees on remittance services in 2018. All these weight of fees rested on the migrants who moved to send funds home to their family and friends.
Nowadays, as the world is goes digital, the remitters now long for cost-efficient, fast, and dependable remittance services whenever they make international fund transfer. All these also align with the mission of SendFriend using the utilities embedded in the digital token XRP.
Between SendFriend CEO and Ripple’s Sr. Director of Product
The CEO of SendFriend, David Lighton and Ginger Baker, the Ripple’s Sr. Director of Product were in a formal conversation at Ripple’s University Blockchain Research Initiative (UBRI) Connect Conference.
The two business entities discussed how SendFriend’s international money transfer app uses blockchain technology and digital currencies to maximum advantage, in order to create cheaper, faster and more inclusive remittance services for the United States immigrants.
According to the update, the CEO of SendFrend sourced the idea when he was serving as a World Bank analyst. Then he observed how difficult, expensive and unreliable it was to transfer money from regions battered by natural disasters.
SendFriend leverages RippleNet’s On-Demand Liquidity (ODL)
In order to solve the exorbitant transaction fee, SendFriend needs to leverage RippleNet’s On-Demand Liquidity (ODL) to enhance the processing speed and service cost reduction.
RippleNet’s On-Demand Liquidity will give room for RippleNet customers to have access to Ripple’s digital token XRP. In the transaction process, XRP is expected to bridge 2 currencies within 3 seconds, with the assurance of instant receipt of the fund sent in fiat currency and vice versa.
Read SendFriend’s CEO Statement below:
“What’s fabulous about blockchain and what Ripple’s product brings to the table is that you remove the need for that working capital. We can now source liquidity, on-demand and depress those transaction costs by up to 75%…”
XRP and Other Cryptocurrencies in the Market
The crypto market has not been indicating any price improvement over the past few weeks. The majority of the top digital currencies have faltered while few others struggle to consolidate the independent price uptrend they initially showcased.
Bitcoin, the largest cryptocurrency by market capitalization is still changing hands above $7,000 support level, which has become a mountain of stagnancy it strives to overcome.
On the other hand, Ripple’s digital token XRP presently shares the same price condition with BTC. At the time of filing this report, XRP is trading at $0.218001, with a 1.13% price downtrend in the last 24 hours.