One of the biggest problems of the existing remittance system in the world is seen as transaction fees. The World Bank found that in 2016, workers from other countries sent 575 billion dollars as remittances and 429 billion of them went to developing countries. On average, these workers paid around 7% processing fees, and with a small account it is possible to see how massive these charges are. More than $ 40 billion, Western Union and MoneyGram such as South Africa, and in some parts of the world, such as transfer rates can even 15.76%.
Last January came up with his partnership with Ripple sendfriend The start-up company, which is seriously high, set off with the promise of reducing transaction fees. Established by a former World Bank employee, David Lighton, the startup offers 65% cheaper transaction solutions than the industry average. The announcement of the announcement made on February 11, 1.7 million dollars worth of investors among startup'ın famous bank Barclays credit card giant MasterCard Foundation and of course partner Ripple names like.
SendFriend, which first started to work in the Philippines, is aiming to provide fast and cheap remittances of Filipinos. Officials who will fully launch the platform in four to six weeks, are now awaiting a transfer license from New Jersey. SendFriend uses Ripple's xRapid service and XRP crypto currency for the referral transactions.
Startup Using Ripple's xRapid Network Gathers 1.7 Million Dollars! Ali Emre KONAKÇI is the author of the article and published on koinbulteni.com.