Currencycloud reported that they had joined hands with Ripple so that they could use Ripplenet.
Currencycloud had participated in a Series E round of funding where they managed to raise around $80,000,000.
On Thursday, B2B cross-border payment platform Currencycloud announced that it had made a partnership deal with Ripple so that they could examine the payments efficiently. Currencycloud has a worldwide network of financial institutions that aims to enable faster, lower-cost payments around the world. Currencycloud reported that they had joined hands with Ripple so that they could use Ripplenet. RippleNet is Ripple’s global financial payments network which will facilitate Currencycloud in achieving the aforementioned goals.
Nearly Seven months ago Currencycloud had participated in a Series E round of funding where they managed to raise around $80,000,000. This funding witnessed participation of some noticeable names which included the SBI group, Visa, and the International Finance Corporation. Coming to the present time, Currencycloud announced this partnership with Ripple will enable them to use Ripplenet.
Ripple Partnered CurrencyCloud For Global Transaction
Currencycloud will benefit from this association in many ways. It will be able to explore new mechanisms for moving money efficiently around the world especially where regulations and limitations restrict opportunities. People expect Currencycloud to be focusing on territories that have smaller businesses and are under-represented. By this day will ensure that clients are able to process local payouts and collections.
Mike Lavin, the CEO of Currencycloud, stated that Currencycloud was all about bringing clarity and speed to the old, opaque, costly, and time-consuming methods of cross border payments particularly for SMEs. He also stated that Ripple’s solution would help them extend their network to new parts of the world removing the barriers to payments. Currencycloud is a global leader in administering embedded B2B cross border payments. It provides a platform for such transactions.
RippleNet by Ripple
Ripple is an enterprise blockchain solution for global payments. Ripplenet is a network of institutional payment providers. This network includes the banks and money assistance providers. They use solutions developed by Ripple to provide a seamless experience to send money globally. Thus, it utilizes a single and decentralized infrastructure across the entire network which eliminates the need for custom integration work.