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According to an announcement on July 25, CurrencyBird, a Chilean money transfer company, has joined RippleNet, the worldwide network of payment providers based on a blockchain, according to Ripple.
CurrencyBird is therefore apparently the first Chilean payment company to join RippleNet, a network of institutional payment providers such as banks and money services companies that use Ripple-developed solutions to send money around the world. .
The company says in its message that the partnership will allow it to add new routes to more than 50 already existing destinations, new currencies, better prices and faster transfer speeds.
In 2018, remittances from families in Latin America and the Caribbean rose to $ 85 billion, according to data from the non-profit organization The Dialogue. In 2017 and 2018, remittances from Chile would have continued to increase and could have doubled, generally as a result of intra-regional migration.
According to data from the World Bank, Chile received $ 66 million in personal remittances in 2018.
As recently announced Cointelegraph, in its second quarter report of 2019, Ripple withdrew one billion from the blocked account each month during the quarter, for a total of three billion XRP. Of these three billion, 2.1 billion were reinvested in escrow contracts, while the remaining 0.9 billion would have been used to finance XRP developments via Xpring and RippleNet partnerships.
By 2019, RippleNet had exceeded 200 customers worldwide, after adding five new customers – JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank – to use the XRP protocol in cross-border payments.
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