Blockchain

Ripple Adds Five Members, Expands Footprint Into Emerging Markets  

Blockchain

Enterprise blockchain for global payments provider Ripple announced Wednesday (Feb. 21) that interest in its network has accelerated globally, and the company has surpassed more than 100 members.

In a press release, Ripple said two banks — Itaú Unibanco of Brazil and IndusInd of India — and three remittance companies — InstaReM of Singapore, Beetech of Brazil and Zip Remit of Canada — are joining RippleNet to facilitate payments both into and out of emerging global markets. Emerging markets are home to 85 percent of the global population and close to 90 percent of people under 30, according to Ripple, and those countries have some of the largest remittance markets around the world, given those demographics.

“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets,” said Patrick Griffin, head of business development at Ripple. “Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”

Griffin believes blockchain solutions could have a significant impact on financial institutions’ (FIs) customers,particularly those residing in emerging markets. RippleNet can now provide instant access into emerging markets like India, Brazil and China, Ripple said, noting India saw $65 billion move into the country in 2017 alone. China saw $61 billion come into the country last year, and Brazil saw more than $600 million.

In the case of remittance companies, Ripple said new partner InstaReM, which processes more than 500,000 transactions per year, is focused on connecting businesses and individuals from Australia, Canada, Hong Kong, Singapore and India.

“We are pleased to partner with Ripple,” said Prajit Nanu, co-founder and CEO of InstaReM. “Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.”

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