Cryptocurrency News

Ripple Continues Increasing its Influence by Forming a New Partnership with Travelex

Just as the second half of the year 2022 has begun, Ripple seems to have expedited the process of expanding throughout the world.

Jed McCaleb’s XRP Selling Activity has ended

It is worth mentioning that in the second half of the year, Ripple had many negative factors uplifted. One of the major factors that had continued dragging down Ripple’s native token XRP was the co-founder of Ripple dumping XRP he had in his possession.

Finally, the co-founder (Jed McCaleb) of Ripple who had left the company back in 2014 was done dumping billions of XRP he had in his possession.

Ever since McCaleb left Ripple, he had been dumping millions of XRPs on a daily basis. This kept the XRP price from rising to its full worth.

However, McCaleb finally ran out of all the XRPs he had under his possession, allowing XRP to experience significant growth in value.

Ripple Goes to Canada and New Zealand

In the same period, Ripple decided to increase its influence in countries that are friendly to cryptocurrencies. Therefore, the first country Ripple chose was Canada where it opened its headquarters.

Ripple also announced that it had expanded itself in New Zealand through Airwallex. Airwallex is an international payments service provider that collaborates with Ripple and has recently spread its network in New Zealand.

The platform aims to offer the locals in New Zealand the opportunity to carry out international transfers at very low transaction fees.

This way, Ripple has been increasing its influence in the cryptocurrency as well as the mainstream sector.

Ripple has Partnered with Travelex

Ripple has continued increasing its influence in the payments sector and this time, it has done it by collaborating with Travelex.

Travelex is a forex company based in Brazil and Ripple is now aiming to expand its network all over Brazil with their latest collaboration with the company.

Service offered Following the Collaboration

According to the report, Ripple has collaborated with Travelex through RippleNet, which is an On-Demand Liquidity (ODL) platform launched by Ripple.

Travelex will be using the ODL functionality offered by RippleNet to provide Brazilian locals the ability to send and receive cross-border transactions.

The locals will be able to process the cross-border transactions using Ripple’s native token ‘XRP’.

In order to collaborate with RippleNet, Travelex had to acquire approval from the Brazilian Central Bank. Following the approval, Travelex has become the first-ever bank to have received exclusive approval from the central bank to act as a foreign exchange.

In recent months, Brazil has emerged as a highly welcoming country for cryptocurrencies. It has a population of over 214 million, and Ripple is determined to target the entire population to gain worldwide recognition.

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