- In a new interview, Marcus Treacher describes how Ripple (XRP) plans to offer its own payment technologies in all countries worldwide by 2021.
- Ripple is ready to expand into China, but current local legislation remains a major obstacle.
Ripple has more than 350 partners worldwide who use the company’s payment technologies to process cross-border payments inexpensively and in a short time. Ripple employs more than 500 people worldwide and is currently striving to further expand its own presence, especially in Asia. In an exciting interview, Marcus Treacher now gave an outlook on the company’s future expansion efforts.
Ripple aims to conquer the global market
Marcus Treacher, SVP for Customer Sucess at Ripple, explains in a fireside chat with Z/Yen Chairman Michael Mainelli that Ripple is broadly positioned and prepared to provide global coverage for financial institutions with Ripple’s payment technologies by next year. Half of current customers are payment companies such as MoneyGram and affiliated exchanges such as Bitso, the other 50% are banks.
As Treacher further explained, Ripple’s mission is to offer its customers payments around the world. In order to achieve global coverage, Ripple is therefore planning to increasingly rely on partners like MoneyGram, which already process payments in more than 160 countries worldwide:
Our network is only as big as the customers that we connected to and clear through so right now we clear directly in 45 countries. Through a number of RippleNet members like Nium, for example, with a head office in Singapore, who are aggregators like Earthport, for example, we can touch many many other countries.
Furthermore, Ripple wants to use its own network to enable cash payments in every country worldwide and thus help millions of people. Due to the partnership with MoneyGram, Treacher also expects Ripple to achieve worldwide coverage by mid 2021:
The way we’re heading I would think by mid-2021 we’ll have, to intensive purposes, complete global coverage. We do have a great pipe into MoneyGram, which we have a relationship with, which gives us a cash payout in virtually every country in the world and we’re looking to build that up and plug that into the RippleNet Network this year.
Another important market is China, but access to this market remains difficult due to strict laws. According to Treacher, Ripple is already doing business at some important “hubs”, but he did not give any further details. In order to ensure a smooth market entry, Treacher said that the global geopolitical situation must first relax before expansion into the “Middle Kingdom” can proceed.
Adaptation of new credit platform to be driven forward
As Crypto News Flash has already reported, Ripple is planning to launch a new credit platform. Treacher also said in the conversation that Ripple not only wants to make payments possible, but will greatly simplify the lending process and streamline the processes involved. At this point, Ripple also wants to solve the problem of immediate liquidity, which is still a problem for many payment companies.