TransferGo, a payment platform using Ripple, has announced that it has entered into a million dollar partnership with Silicon Valley Bank UK Branch (SVB) to develop and enhance their payments flow.
We are talking about £4 million that will enable the bank to process more transactions at a very low cost, especially as this service is operational in 32 countries and plans to expand to over 170 countries worldwide.
Ripple with TransferGo to enhance payments
This is an opportunity for growth in technological terms, commented Silicon Valley Bank UK Branch (SVB) Director Craig Fox:
“We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world”.
In fact, this system will mainly focus on the transfer of funds to and from abroad and is mainly aimed at migrants who are working on the other side of the world and who, when they can, send money to their families.
This, with traditional systems, requires too many costs, as fees usually reach up to 10%.
This is just the beginning of a prosperous relationship, continued the CEO of TransferGo, Daumantas Dvilinskas:
“Today marks the beginning of a prosperous relationship with Silicon Valley Bank. With its heritage in championing start-ups and providing support and mentoring to innovators, it is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth”.
It has been over a year since TransferGo started using and implementing the Ripple system, which seems to be very efficient and designed to work best with banks around the world.
The latest news about Ripple
Recently Brad Garlinghouse’s company registered the PayString trademark, which is likely to be launched in 2021 as a new product.
The trademark has been registered in the generic categories “Advertising and Business” and “Insurance and Finance”, so it appears to cover the categories of electronic financial services, namely “monetary services for receiving and disbursing remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for exchanging fiat currencies and virtual currencies over a computer network”, and “receiving and disbursing payments and monetary gifts in fiat currencies and virtual currencies over a computer network”, as stated in the trademark application.
The price of Ripple
In recent days, like the majority of the crypto market, XRP is also rising in value, with double-digit increases.
Currently XRP is worth $0.66, although it is still a long way from its all-time high of $3.84 in January 2018.