While Ripple and its token XRP are changing the way cross border remittance industry works, it is also backing young start-up which shares the same vision of disrupting the payments industry. According to the latest announcement, Ripple has joined hands with Barclays and Mastercard to infuse $1.7 million funding for remittance start-up SendFriend.
SendFriend envisions to open services in New Jersey
SendFriend is a start-up founded at MIT by a group of individuals with a background of working at The World Bank and MoneyGram. The remittance start-up plans to start operations in New Jersey and envisions to open its first remittance corridor between the United States and The Philippines.
The company, which came out of Barclays‘ accelerator programme, has got into an agreement with Ripple to use XRP tokens as a liquidity vehicle for cross-border payments, allowing SendFriend to bypass the corresponding banking system and convert USD to XRP to PHP in a matter of seconds.
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