Kofi Mensah Ripple has broadened its payment network to encompass over 70 markets, spanning both cryptocurrency and traditional financial systems. The firm noted that this extension covers about 90% of the global foreign exchange market, with the Ripple network having already processed payments exceeding $30 billion.
Recent Advancements in Ripple’s Payment Solutions
At its Swell Conference in Dubai, Ripple announced the addition of over 70 payout markets to its network, which was previously known as Ripplenet. The updated Ripple Payments system offers robust infrastructure that simplifies blockchain adoption for businesses, enabling them to conduct faster, cost-effective, and more efficient cross-border transactions without requiring deep blockchain expertise.
Ripple emphasized that their network now offers nearly worldwide payout coverage through a singular onboarding process. This expansion has granted access to Ripple’s extensive global network, encompassing over 70 markets in both the crypto and traditional finance sectors.
The network’s reach extends across 70 countries, moving more than $30 billion in payment volume. This includes over 70 available payout markets, collectively representing 90% of the global foreign exchange market, encompassing corporate and treasury foreign exchange payments.
Rocketfuel, an international payments solutions firm, is among the initial adopters of the latest version of Ripple Payments. Rocketfuel’s CEO, Peter Jensen, remarked on the financial industry’s historical reliance on outdated technologies, leading to high costs, revenue losses, and inefficient, unreliable processes. He advocated for blockchain and digital currency solutions as means to significantly enhance these areas.
Additionally, Ripple’s recent announcement highlighted its partnership with Onafriq, which plans to use Ripple Payments to establish new payment channels between Africa and other global regions.
Ripple also mentioned its acquisition of over 30 licenses, including a Major Payments Institution license from Singapore’s Monetary Authority and numerous Money Transmitter Licenses across the United States.
We welcome your thoughts on Ripple’s expansion of its payment network to include over 70 crypto and traditional payout markets. Please share your views in the comments section.
Table Of Contents
Frequently Asked Questions (FAQs) about Ripple Network Expansion
What is the recent expansion in Ripple’s payment network?
Ripple has recently expanded its payment network to more than 70 crypto and traditional payout markets. This expansion provides access to about 90% of the global foreign exchange market.
How much payment volume has Ripple processed to date?
To date, Ripple’s network has facilitated over $30 billion in payment volume across its expanded global network.
What was formerly known as Ripplenet?
Ripple Payments, the current name for Ripple’s payment solution, was formerly known as Ripplenet.
What does the latest iteration of Ripple Payments offer?
The latest version of Ripple Payments offers an enterprise-grade infrastructure that enables businesses to use blockchain for efficient, cost-effective cross-border payments without needing extensive blockchain expertise.
How does Ripple’s network expansion benefit global payouts?
With the expansion, Ripple’s network now offers nearly global payout coverage, allowing for easier and more efficient transactions across different countries.
Who is among the first customers to use the new Ripple Payments?
Rocketfuel, a global payments solution company, is one of the first customers to adopt the newest iteration of Ripple Payments.
What does Ripple’s partnership with Onafriq aim to achieve?
Through its partnership with Onafriq, Ripple aims to open up new payment corridors between Africa and other parts of the world, utilizing its blockchain-based payment solutions.
What types of licenses has Ripple acquired recently?
Ripple has acquired more than 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore and Money Transmitter Licenses across the United States.
More about Ripple Network Expansion
- Ripple Official Website
- Swell by Ripple Conference Highlights
- Overview of Ripple Payments Network
- Global Foreign Exchange Market Analysis
- Rocketfuel Company Profile
- Onafriq and Ripple Partnership Details
- Monetary Authority of Singapore Licensing Information
- Overview of U.S. Money Transmitter Licenses
6 comments
Interesting to see traditional finance and crypto coming together like this. shows how much the industry is evolving
is it just me or is Ripple kinda flying under the radar with these big moves? they’re quietly dominating the payment space.
gotta say, the name change from Ripplenet to Ripple Payments is kinda confusing, anyone else think so?
Wow, ripples really making moves huh? expanding into over 70 markets that’s huge news for the crypto world!
Just read about Onafriq partnership with Ripple, Africa’s market is often overlooked, good on them for tapping into it!
this is impressive, but i wonder how it’ll really impact the average user… still, $30B in transactions is no small feat.