Sending Money Made Easy
In a world where fees can feel like highway robbery, SendFriend has emerged as a superhero for Filipino workers sending money home. With a sleek app and a dash of blockchain magic, this startup is slashing remittance fees dramatically. They claim to reduce costs by up to a whopping 75%—that’s about as exciting as finding cash in last year’s winter coat!
The Ripple Effect: What’s Under the Hood?
So how does SendFriend work its magic? They’ve teamed up with Ripple and its fancy xRapid tool to facilitate cross-border payments. Using XRP as a bridge currency, SendFriend zips money from the U.S. to the Philippines faster than you can say “money transfer”—in just three seconds! That’s right, three seconds. Take that, traditional banking delays!
Turning Dollars into Pesos Without the Hassle
Thanks to RippleNet’s On-Demand Liquidity (ODL) technology, SendFriend is able to source liquidity on the fly. CEO David Lighton boldly claims, “We can now source liquidity, on-demand and depress those transaction costs by up to 75 percent.” It’s like having a financial Swiss Army knife in your pocket!
Investors Are All In
SendFriend isn’t just a unicorn in a field of horses; it’s attracting some big-time investors. Back in February, they bagged $1.7 million from heavy hitters like the Mastercard Foundation and Barclays. They clearly see the potential in a platform that could change how Filipinos interact with money globally. With all this funding, who knows? Maybe they’ll turn into a unicorn faster than one can chuckle at banker jokes!
Joining the League of Extraordinary Companies
But wait, there’s more! SendFriend recently joined a bustling ecosystem of financial players, including JNFX and Transpaygo. This dynamic group is making waves in the remittance seas, offering better prices and speedy transfers while keeping access to currencies broad. It’s a network growing faster than your average kid on a pogo stick!
Making Waves with CurrencyBird
Interestingly, SendFriend isn’t standing alone; fellow remittance venture CurrencyBird just jumped on the RippleNet bandwagon, too. They’re adding new routes to their already impressive list of over 50 destinations. Who knew remittances could be as thrilling as an election campaign?
Conclusion: Forward Thinking in Financial Services
With innovations like SendFriend leading the way, it seems the future of remittances is not only promising but downright exciting. The use of blockchain is leveling the playing field, providing accessible financial services to people who have long been burdened by high fees and slow transfers. The real question is, will the traditional banks adapt, or will they go the way of the dinosaur?
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