Despite the current bitcoin freeze, cryptocurrency payments company Ripple Labs has formed new partnerships in France and Sweden. Their decision to expand into these markets will continue their march into Europe.
Ripple Labs Payment Gateway
With RippleNet, a network of banks and payment providers have signed up to use the company’s blockchain-based payment system. It’s secured deals with Lemonway, a regulated payments provider for online marketplaces, and Xbaht, which offers remittance payments between Sweden and Thailand.
The company says that RippleNet has processed over $15 billion in transaction volume each year. Though most crypto firms are struggling to stay afloat, Ripple appears to be in a much better position.
They’ve promised to add 300-plus staff this year, a goal they seem on track to achieve by year end. In addition, Ripple is eyeing assets up for grabs in the current Celsius Network bankruptcy auction, which includes GK8 – a custody platform.
Cross Boarder Payment
“It’s not fun to see other companies in the same boat as us. But we’ve been able to grow quickly and we get a lot of funding,” said Young. “We are also looking into some strategic investment opportunities.”
Although payments is just one facet of the financial system, it covers a lot of different topics, including cross border payments and domestic ones. A specific use case might mean leaning on a certain cryptocurrency to solve an issue.
All cryptocurrencies will become interchangeable, Young added. “Some might be more suited for some things than others and so there will be different use cases for all of these.”
