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.

Remittance company SendFriend has received investments from Ripple (XRP), the Mastercard Foundation, MIT Media Lab and Barclays in a funding round, according to a press release published on Feb. 11.

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…

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2019-02-12 14:44:00

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Written by Cointelegraph

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