The partnership between Ripple and TransferGo was announced a few days ago and aims to enable near-instant payments between Europe and India.
TransferGo: a solution for migrant workers
Cross-border payments are growing rapidly. In recent years several alternatives to the traditional banking system have emerged to simplify the flow of money. TransferGo is one of those companies. Based in London, TransferGo focuses primarily on migrant workers who send money back to families in their home countries. The company promises faster and cheaper transfers than those offered by traditional banks.
To expand its presence in the Indian market, TransferGo has chosen to use the technology developed by Ripple (XRP). The announcement of this partnership comes at a timely moment for Ripple, which had been relatively quiet in recent weeks.
Entering the world of cryptocurrencies
TransferGo is not new to digital currencies. The company already allows customers to buy, sell and hold cryptocurrencies through its app. Available coins include Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
However, this alliance with Ripple is different because the company will use Ripple’s technology to power actual money transfers rather than only offering crypto trading and custody services.
While rival Stellar (XLM) has made headlines recently thanks to several partnership developments, Ripple is reasserting itself and reminding the market that XRP remains the third-largest crypto by market capitalization, well ahead of its nearest competitor.
How is Ripple performing?
The real-time XRP price on eToro was $0.28 on September 13, 2018, representing a clear increase compared with the days prior.
Despite that rise, Ripple still faces challenges. The company is affected by general market turbulence and also faces criticism within the crypto community over the perceived lack of decentralization of its network. That criticism, however, is increasingly rhetorical as Ripple continues to advance multiple projects.
One notable initiative is the imminent launch of MoneyTap, a project Ripple has been developing for some time. MoneyTap, backed by a partnership with around sixty Japanese banks, is intended to give Ripple a strong position in Japan’s domestic payments market.
A partnership that targets a market of 1.3 billion people and a potential entry into the banking network of the world’s third-largest economy could be an excellent way for Ripple to finish the year on a high note. If you were considering buying Ripple, now might be a moment to reassess your position.