Ripple partner saves $14 Million in fees with XRP deployment

  • BeeTech saves more than 14 million USD and a lot of time by using Ripple’s payment software.
  • The company plans to expand into the USA and Europe, as the work results since the cooperation with Ripple are very good.

Ripple provides payment solutions for companies of all sizes to process cross-border payments quickly and reliably. Ripple’s network of partners has grown to over 300, with more and more companies around the world recognizing Ripple’s potential. BeeTech already belongs to RippleNet and is very pleased with the results.

Long-standing Ripple partner saves millions

Founder and CSO Alexandre C.R. Liuzzi of BeeTech lives in Brazil and knows the international challenges of sending and receiving transactions. On average, sending money to Brazil is very expensive worldwide for various legal and political reasons.

In total, more than three million Brazilians live abroad and almost one million foreigners live in Brazil, so there is a need for fast, cheap transactions to and from Brazil. A volume of more than USD 1.5 trillion was processed.

BeeTech has specialized in solving this problem and has been working with RippleNet ever since. His personal experiences reflect the fate and everyday life of countless families. He describes aptly in one sentence:

Why, in an increasingly globalized world, are we limited by our own frontiers

Founded in 2016, BeeTech is a scalable payment processing platform that enables customers in Brazil to easily and cost-effectively access payments, transfers, investments or loans. BeeTech’s collaboration with RippleNet has resulted in strong progress. Liuzzi describes:

With Ripple, we’ve standardized the process for integration across different rails and increased efficiency in settlement. We’re saving our customers more than $14 million in transaction fees. We’re talking about families who are sending money to their children studying abroad and small businesses whose main source of income comes from exports. This is huge for them

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BeeTech plans to expand into other countries such as the United States of America and Europe next year.

Ripple optimistic for the future

BeeTech is one of MoneyGram’s many satisfied customers who use the company’s payment service. MoneyGram announced at the Swell conference that it will open 4 more payment corridors in the coming months.

In addition, XRP’s transaction volume in October 2019 exceeded the full year 2018 volume. Brad Garlinghouse made it clear in several interviews that he is optimistic about the future and that Ripple will promote its on-demand liquidity service even more strongly in the future.

Even though the Swell conference delivers strong news and results, the price of XRP is largely unaffected. At the time of writing, XRP has seen a sideways trend (- 1.11%) to USD 0.2686 within the last 24 hours.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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