Ripple Partners with Africhange for Africa-Canada Remittance System

XRP cryptocurrency, Ripple. (photo: doc. Pixabay)

JAKARTA – Cross-border money transfer and blockchain solutions company, Ripple recently announced a partnership with money transfer company, Africhange. The partnership is carried out through Ripple's key partner, Bitso. It is aimed at facilitating and optimizing money transfers from Canada to Mexico.

Reported by U.Today, the collaboration between the two companies emerged as a result of the trend of Mexicans moving to the North American country. According to sources, the amount of remittances coming in from Canada to Mexico was more than $140 million. This partnership will significantly reduce costs for the final sender and simplify the entire transaction chain.

Africhange executives said it didn't take long to select a new partner in the region, which makes sense given Bitso's expertise in cross-border payments, not least because of the close collaboration with Ripple.

For information, Africhange itself has revenues of 70 million US dollars from remittance services between Nigeria - Canada. With this partnership, Africhange is entering a new chapter in real-time remittances. On the other hand, Bitso sees an opportunity to increase its turnover. This is a strategic partnership between the two parties.

Meanwhile, Bitso is Ripple's On-Demand Liquidity (ODL) corridor in the region. About 60 percent of the trading volume on the Bitso crypto exchange platform is controlled by XRP. Apart from the possibility of expanding the use of XRP in cross-border transfers, it seems that Ripple has succeeded in expanding its services between three continents, Africa, North America and Latin America.

This is a positive step for Ripple, which is currently facing a lawsuit by the US Securities and Exchange Commission (SEC). The SEC scuttled Ripple on charges that the company sold unregistered securities. The legal dispute began in December 2020, and has not been resolved until now. Ripple itself rejects the SEC's accusation that XRP is a security. Meanwhile, the SEC refused to disclose the contents of a speech by William Hinman who made a controversial statement by including XRP in the category of securities.