Ripple, Mastercard and Barclays Invest in Ripple-Based Remittance Firm SendFriend
Remittance company SendFriend has received a $1.7 million investment from investors including Ripple, Mastercard Foundation, MIT Media Lab and Barclays.
In the round, the firm raised $1.7 million from investors — also including Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital — to develop its remittance service, which lets users send money to the Philippines using blockchain.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between USD, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
The press release claims that SendFriend will feature “fees that are 65% lower than the industry average.” David Lighton, SendFriend co-founder and CEO declared:
“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
As Cointelegraph reported last month, SendFriend was among 13 new financial institutions that recently joined Ripple’s payment network, RippleNet, bringing the total number of customers to over 200.
At the end of last month, Bill Barhydt, CEO of crypto wallet provider and payment startup Abra, stated that consumer cross-border payments and remittance services at scale continue to be a struggle for many crypto firms.
You may be interested
US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Studybtcethereumadmin - April 18, 2019
The U.S. federal government is expected to raise its blockchain spending to $123.5 million by 2022 — an over 1,000%…
Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profitsbtcethereumadmin - April 18, 2019
Binance’s Q1 2019 profits beats the previous quarter by 66%, with large-scale investors increasingly active. A huge surge in over-the-counter…
Coin Time Machine Estimates Profit From Crypto Investments You Could Have Madebtcethereumadmin - April 18, 2019
Cryptocurrency prices, which have seen a significant increase since the beginning of April, have again awoken FOMO emotions in the…