CurrencyBird has thus officially turned out to be the first Chilean payment firm to sign up with RippleNet, a network of corporate payment processors such as banks and cash facility companies that use Ripple-powered systems to transfer cash worldwide.
In the report, the firm says that the collaboration will enable it to introduce innovative alternatives to its 50 existing destinations, fresh currencies, superior rates and quicker completion of transaction.
As per information from non-profit association The Dialogue, remittances to home in Latin America and the Caribbean added to $85 billion in 2018. Remittances from Chile have allegedly proceeded to rise during 2017 and 2018, and may even have increased as a result of cross-regional movement in general. Chile got $66 million in private money transfers in 2018, according to World Bank information.
Especially, out of the allowed quantity of three billion XRP, Ripple used one billion from escrow every month in Q2 2019. Subsequently, 2.1 billion of the three billion were invested back in escrow agreements, whereas the remaining 0.9 billion were supposedly used to finance XRP improvements through associations with Xpring and RippleNet.
Earlier this year, after signing up five new customers— JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank— RippleNet surpassed 200 international customers who use XRP in cross-border remittances.