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Ripple Boosts the Clientele of a Remittance Company to +800% Over Night

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by Janis Rijnieks · 3 min read
Ripple Boosts the Clientele of a Remittance Company to +800% Over Night
Photo: Ripple / Twitter

Ripple CEO, Brad Garlinghouse, revealed that a remittance company, which he wouldn’t disclose, has gained +800% in clients overnight because it recently began using Ripple’s technology. The main reason in this rise in the change in transaction fee.

Ripple CEO Brad Garlinghouse recently was speaking to Bloomberg in Singapore, where during the interview he revealed that a remittance company was able to boost their clientele by overwhelming +800%. And this boost happened “overnight”, as Mr. Garlinghouse explains.

However, since the interview was in a short format, he possibly didn’t have the time to go into details of which exact company that is. The main details in this massive client boost are that the company, who started using Ripple’s technology, was able to bring down the transaction cost. They went from $20 to $2. That makes their services ten times more beneficial than before.

Ripple Wants to Work with SWIFT Not Against It

The reporter asked Brad whether Ripple had any plans to take over SWIFT one day. To which he replied that they are doing it already on a day-to-day basis. He went on and added that there are more than 100 major banks are now utilizing Ripples technology for money transfers.

Those same banks are also partners with SWIFT. Moreover, he disclosed that they (Ripple) would want to rather work together with SWIFT, not against them. Mr. Garlinghouse said that he would be happy if both companies “can serve the same goal and be part of “the new world order”.

Garlinghouse believes that Ripple at this stage already is capable enough to solve the problems which SWIFT hasn’t been able to. Hence, the above-mentioned example with the remittance company. His belief is that Ripple already is a part of the “new world order” and encouraged SWIFT to work together. He is absolutely fine with that.

A Rather Secretive Position

Many people say that they are tired of the secretiveness that comes out of Ripple’s communication. Of course, the raw statistics sounds absolutely staggering, but the remittance company and the 100 banks, which Brad Garlinghouse mentioned in the interview, need to come out and present themselves.

It could be the same old story about two companies having talks and meetings. One company interprets these actions as a partnering while the other believes that it’s just a normal praxis to understand the future between them. Ripple has a huge community, but just as many enemies and disbelievers. To change this, Ripple would need to come out of the closet and lose the secretiveness once and for all.

However, saying that banks use Ripple technology does not imply that they will use the actual XRP token. Many banks have commented that they will use Ripple’s tech, and that has nothing to do with the XRP token. 

However, all-in-all, if Ripple can provide fast, cheap transactions to people around the world, then that’s fantastic!

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