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[NEWS BLOG]: Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees
Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.
With ODL, RippleNet’s users can utilize digital token XRP to - read more.
OTHER RELATED NEWS
SEC vs. Ripple: US Judge Orders Both Parties from the XRP Lawsuit to Hold a Discovery Conference
In a fresh twist to the Securities and Exchange Commission (SEC)’s fight against Ripple Labs, US judge Sarah Netburn has directed both parties to hold “a telephonic discovery conference on Tuesday, April 6, 2021.” The judge’s order directs the parties to discuss a motion to compel filed by Ripple’s lawyers.
"Motion to Compel"
On March 15, lawyers representing current Ripple Labs CEO Brad Garlinghouse and Christian Larsen had asked Judge Netburn to compel the SEC to produce documents relating to the regulator’s lawsuit against the fintech firm.
In their motion, Ripple’s lawyers argued that seeking this court order had been necessitated by the regulator’s - read more.
What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.
How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
Experts believe that bitcoin still has a long way to go before it gains mainstream global acceptance – but believe that the token could become a global mainstay, and even eclipse the dollar by 2030.
Industry insiders call the phenomenon “hyperbitcoinization” – the widespread, global adoption of Bitcoin that will see it eventually surpass conventional fiats like the dollar, the euro or the yen.
But what do experts mean when they talk about hyperbitcoinization – and can industry players do anything to help speed it up?
What is Hyperbitcoinization?
Hyperbitcoinization is not just a matter of bitcoin becoming more popular. It - read more.