Ripple Payments Network Covers Over 70 Payout Markets

Ripple Payments Network Covers Over 70 Payout Markets

Ripple has expanded its payments network,  covering over 70 crypto and traditional payout markets. The company announced that "this cumulatively adds up to 90% of the global foreign exchange market," underscoring that the Ripple network has processed payments to the tune of more than USD 30 billion. 

Ripple Enables Global Payment Reach to 90% FX Markets

Ripple announced at the Swell Conference held in Dubai on Tuesday that more than 70 crypto and traditional payout markets are now available on the Ripple network. The company explained that Ripple Payments, formerly known as Ripplenet, “provides the enterprise-grade infrastructure required for businesses to leverage blockchain easily for faster, cheaper, and more efficient cross-border payments without needing to be experts.”

“The Ripple Payments network now provides near-global payout coverage through single onboarding,” the company stated, adding:

"Expanded access to Ripple’s full global network of more than 70 crypto and traditional payout markets."

Ripple Claims Over USD 30 Billion in Payments Volume 

The Ripple Payments network having expanded to more than 70 countries, the company claims to effectively process over USD 30 billion in payment volume. “There are over 70 payout markets available via the Ripple network; accumulatively, this adds up to 90% of the global foreign exchange market (which includes Treasury and corporate FX cross-border payments).”

Rocketfuel, a global payments solution company, is among the first customers to use the new version of Ripple Payments. Rocketfuel CEO Peter Jensen stated:

"For too long, the financial industry has suffered from using antiquated technologies, resulting in high costs, lost revenue, and inefficient and unpredictable processes. Blockchain and digital currency applications provide an avenue to radically improve those shortcomings."

Ripple also announced on Tuesday that its partner Onafriq will use Ripple Payments to “open up three new payment corridors between Africa and the rest of the world.”

Ripple has revealed the acquisition of over 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and Money Transmitter Licenses (MTLs) across the United States.

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