- Ripple is in a global partnership spree with big announcements happening almost every week.
- Nigerian financial technology company joins RippleNet.
- RippleNet now has a network of more than 120 partners from many countries worldwide.
The Nigerian Fintech startup Flutterwave collected 20 million dollars in the first financing rounds. Investors included the Ycombinator Continuity Fund, the Greycroft Venture Fund, Green Visor Capital and Glynn Capital.
Last year, the company was also awarded the Innovation Prize for the most innovative company in Africa. The company’s goal is to design a unified payment solution that will bring Africa in the area of payment processing to an international level.
The company has made payments of $2 billion with a total of 25 million transactions in more than 33 different African countries. The current focus is on the African continent, and the company does not rule out further expansion.
The partnership between Ripple and Flutterwave plans to use Flutterwave’s core API and Ripples software solution xCurrent to make it easier for businesses around the world to make payments in P2P, B2B or B2C simply securely and cheaply.
The unbanked continent
In Africa, many people do not have access to a bank account or the ability to send money quickly and cheaply to relatives or foreign companies. The company wants to solve this problem with Ripple’s Blockchain technology. So Africa benefits the most from this strategic partnership between Ripple and Flutterwave because it has the most people without bank accounts.
The announcement of this partnership has had no impact on the price of XRP so far. The price for XRP has fallen by around 1% within the last 24 hours.
xCurrent is primarily used by banks to process global payment transactions for their customers and forms the basis for the technical connection of RippleNet. It’s the core product for financial institutions with real-time settlement and two-way messaging.
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