CurrencyBird, a Peer-to-peer remittance firm head-quartered in Chile, has now joined RippleNet — Ripple’s global blockchain-powered payment providers network.
After the announcement published on July 25, CurrencyBird is officially the first Chilean payments company to join RippleNet. In this network of institutional payment-providers, banks and other money services businesses use Ripple-powered systems to send and receive money globally.
Through the partnership, the company will add new currencies, provide faster transfer speeds, give better prices, and offer new routes to the already over 50 existing destinations.
Data from The Dialogue, a non-profit organization, in 2018 showed that family remittances in and the Caribbean and Latin America amounted to $85 billion.
Due to intra-regional migration, remittances from Chile had increased and perhaps even doubled during 2017 and 2018. More specifically, World Bank data showed that personal remittances amounting to $66 million were received in Chile in 2018.
As shown in the second quarter of 2019, ripple escrowed a total of three billion XRP by taking one billion every month from escrow. From the total amount, 2.1 billion was reinvested into escrow contracts, and the remaining 0.9 billion used to fund Xpring, and RippleNet partnered XRP developments.
Earlier in 2019, RippleNet global customers who use XRP in cross-border payments exceeded 200 following the addition of five new clients: JNFX, FTCS, SendFriend, Euro Exim Bank, and Transpaygo.