CurrencyBird Takes a Giant Leap
In an exciting development for the financial services landscape, Chile-based peer-to-peer remittance company CurrencyBird has officially joined RippleNet. Launched on July 25, this partnership marks CurrencyBird as the pioneering Chilean payments company to step into Ripple’s robust global blockchain network.
What is RippleNet?
RippleNet is not just a trendy buzzword; it’s a comprehensive network where payment providers, including banks and money transfer services, collaborate to enable global money transfers with enhanced speed and security. Imagine it as an elite club where the cool kids of the financial world hang out. And now, CurrencyBird has just scored a VIP pass!
Expanding on Existing Services
By joining RippleNet, CurrencyBird is not merely donning a new fancy title; they are set to expand their already impressive portfolio of over 50 existing remittance destinations. This new collaboration promises to open up new routes, introduce fresh currencies, and, of course, offer better prices with faster transfer speeds. It’s like upgrading from a bicycle to a Ferrari, but for money transfers!
The Power of Remittances in Latin America
The remittance landscape is a huge player in Latin America, with a staggering $85 billion funneled into the region from family remittances alone in 2018. In fact, data shows that remittances from Chile have been on a steady rise—potentially doubling over recent years—mainly driven by intra-regional migration.
Chile’s Statistical Snapshot
- In 2018, Chile received approximately $66 million in personal remittances.
- The remittance trend indicates a growing diaspora of Chileans seeking better opportunities abroad.
Ripple’s Continued Growth
While CurrencyBird is stepping into Ripple’s world, Ripple itself has been on a roll. In its Q2 2019 report, Ripple pulled one billion XRP from escrow each month for three months. Out of this, 2.1 billion was reinvested into escrow contracts, with the remaining funds supporting XRP development initiatives through Xpring and RippleNet partnerships.
Conclusion: The Future is Bright?
As CurrencyBird joins the ranks of RippleNet, the financial sector should keep an eager eye on how this partnership unfolds. Not only does it usher in innovative solutions for financial exchanges, but it also emphasizes the growing importance of remittances in Latin America. Will this be the start of a new chapter in global remittances? Only time will tell, but it sure looks promising!
