News by Altcoin Buzz: Ifeanyi
SendFriend formed a partnership with xRapid in order to create cheap cross border transactions for Filipino workers in the United States.
In a recent tweet, SendFriend disclosed their interest in blockchain and cryptocurrency, saying: “Sending money to the Philippines has never been easier! How do we do it? By using blockchain technology to innovate the money transfer process!”
Responding to inquiries by a potential client, they answered that they make use of Ripple’s xRapid.
“We use the xRapid network, which does use XRP. However, right now, you can’t send enterprise payments using SendFriend, only personal payments. It’s in the roadmap for the future, though.”
SendFriend and Ripple’s xRapid Partnership
In Q3 of 2018, SendFriend announced that people can now transfer money to the Philippines on their platform. Following this announcement, they created a wait list of Filipino workers overseas. The list contained groups of workers who desperately needed a money transfer service that was both affordable and reliable.
Co-founder and CEO of SendFriend, David Lighton, stated that the platform was created with the millions of Overseas Filipino workers in mind. He also added that sending money to their families at home should not be as difficult as it has been. Collected datahas shown that more $650 billion was sent globally through remittances in 2018, with a huge $45 billion as fees. Cross-border money transfer services are very slow, taking as much as 3 to 5 days before funds get to their destinations. The Philippine Remittance Market is more than ready for a change. This partnership between Ripple and SendFriend couldn’t have arrived at a much better time.