Blockchain Technology has been growing in potential at an exponential rate and new and newer use cases are coming up every day.
According to recently published reports, Xago, which is a popular money transfer operator focusing on accelerating financial inclusion with innovation, has announced that they will be implementing RippleNet into their gateway. This will end up being a major stepping up of their services for Xago’s clients. The company is based in South Africa and has declared that they are using the Ripple blockchain powered RippleNet for fiat and digital assets transfer both locally and globally.
The company said,
“XAGO uses the XRP Ledger as a distributed exchange, where users can exchange XRP for ZAR.”
Xago is using the XRP ledger to provide their user with free transfer and exchange of digital assets among XRP address. The company is also using Ripple’s native token, XRP in order to bridge the exchange of South African ZAR with digital assets. The Xago gateway is designed for businesses however, the firm calls on new and existing businesses providing wallet or remittance services in either crypto or fiat to opt for its user define services.
By leveraging RippleNet, Xago gateway assists its customers who transfer their funds in a frictionless and efficient way with low transaction cost both at retail and remittance levels. Through the use of mobile phones and other technologies, Xago’s secure, low-cost and near instant financial service is handed to the unbanked consumers, as well as others.
According to Today’s Gazette, Xago said,
“The potency of Ripple as an enterprise blockchain solution that breaks barriers like low speed, inefficacy and high transaction cost, is an underlying factor for selecting the blockchain technology for its payment gateways.”
One Twitter user suggests that the latest development will more than likely make Xago a huge ZAR issuer in the XRP ledger.