TransferGo, a payment platform using Ripple, has announced that it has entered into a million dollar agreement with Silicon Valley Bank UK Branch (SVB) to develop and enhance their payments flow.
We are talking about £4 million that will enable the bank to process more transactions at a very low cost, not least because this service is operational in 32 countries and plans to expand to over 170 countries worldwide.
Ripple with TransferGo to enhance payments
This is an opportunity for growth in technological terms, commented Silicon Valley Bank UK Branch (SVB) Director Craig Fox:
„We are very excited to strengthen our partnership with TransferGo as we look forward to being part of their growth as they extend their innovation path to attract more customers to a faster, cheaper and more accessible solution to send money around the world.“
In fact, this system will mainly focus on the transfer of Bitcoin Up to and from abroad and will mainly target migrants who are working on the other side of the world and who, when they can, send money to their families.
This, with traditional systems, requires too many costs, as fees usually reach up to 10%.
But this is only the beginning of a prosperous relationship, continued TransferGo’s CEO, Daumantas Dvilinskas:
„Today marks the beginning of a prosperous relationship with Silicon Valley Bank. With its commitment to supporting start-ups and providing support and mentoring to innovators, it is the perfect partner to accompany us through the pandemic and the next phase of our business growth.“
However, more than a year has passed since TransferGo began using and implementing the Ripple system, which seems to be very efficient and is designed to work best with banks around the world.
The latest news on Ripple
Brad Garlinghouse’s company recently registered the PayString trademark, which is likely to be launched in 2021 as a new product.
The trademark has been registered in the generic categories „Advertising and business“ and „Insurance and finance“, so it appears to cover the categories of electronic financial services, i.e. „monetary services for the receipt and disbursement of remittances and monetary gifts in legal currencies and virtual currencies on a computer network“, and „receipt and disbursement of payments and monetary gifts in legal currencies and virtual currencies on a computer network“, as stated in the trademark application.
The price of Ripple
In the last few days, as well as a large part of the crypto market, XRP has also been rising in value, also recording double-digit increases.
Currently XRP is worth $0.66, although it is still a long way from its all-time high of $3.84 in January 2018.