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Cross-border payment remittance firm Ripple has recently achieved yet another important milestone with its payment services for its customers following its annual conference event known as Ripple Swell.
Ripple Achieves New Milestone
According to several announcements made by the firm during its annual conference, it has recently acquired a key milestone with its payment services for its customers. The company’s customers are now able to access 100% global payout coverage and global liquidity options.
The crypto firm took to X (formerly Twitter) to further share its recently achieved milestone with the cryptocurrency community. The firm asserted that it can now deliver end-to-end solutions for Fls and SMEs in over 70 payout markets. The firm’s recent improvements are probably being spurred by an increase in XRPLedger and Ripple’s utility.
The post read:
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.
The X post was also accompanied by a blog post sharing more light on the firm’s latest milestone. It further explains how it will buttress global B2B payments, treasury, and remittances, among others.
According to the blog post, the company has been granted money transmitter licenses by the Monetary Authority of Singapore as well as other United States provinces. This led to the company being able to extend its products and services in more than 70 payout markets. The company also claims that Ripple’s payment products and services have increased both its liquidity and its coverage.
The XRP Ledger is likely to experience a boost because of this new milestone. This might propel XRP to see a surge in demand due to the 100% overall payout coverage and worldwide liquidity options made accessible for Ripple’s customers. Gains in XRP have formerly been triggered by developments in Ripple because the token is primary to XRPLedger (XRPL).
The company also confirmed in its announcement its integration of its payment service with XRPL. This way, customers will benefit from increased liquidity and accessibility as well as more alternatives for crypto liquidity.
The Firm’s Latest Partnership
In another separate blog post, the firm confirmed its partnership with Onafriq, also known as MFS Africa, to enable digital asset-enabled cross-border in emerging markets. These include Africa, the Gulf Cooperation Council (GCC), the UK and Australia.
According to the blog post, Onafriq will be utilizing Ripple Payments to unlock three new payment corridors in Africa and other regions of the world. Currently, through Onafriq’s pan-African network, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now send and receive business payments quickly and affordably to recipients in 27 countries.
The company also plans on eradicating customary issues involved in cross-border payments using Ripple’s crypto technology. These include over-long transfer periods, unreliability, and high cost.
Featured image from iShock, chart by Tradingview.com