BitGo and Ripple join forces to make it easier for businesses to use XRP for global payments.
Today, BitGo announced that it will provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which will be integrated into the BitGo platform this year.
We’ve joined forces with @BitGo to make leveraging #XRP for global transactions easier for businesses. Tweet This
BitGo’s mission is to empower businesses to integrate digital currencies into their existing financial systems securely and at scale. They process over $1 Billion in transactions per month and their customers include the biggest digital currency exchanges and applications in the world.
“It’s a natural fit. Both Ripple and BitGo are committed to making digital assets like XRP more accessible and usable for institutions,” notes Miguel Vias, Head of XRP Markets. “Working with BitGo is an important step to building out the XRP ecosystem that will serve the growing demand for global payments.”
“We are excited to be working with Ripple to provide enterprise tools and treasury management capabilities to institutions working with XRP” said Mike Belshe, CEO of BitGo. “The Ripple team understands crypto and traditional finance extremely well. They are well positioned to disrupt global settlement via blockchain and we are happy to play our part.”
XRP was created specifically for institutional settlement in seconds. As evidenced by R3’s recent trial with XRP for interbank cross-border payments, the use of Ripple and XRP can enable both cost-cutting and revenue opportunities for participating institutions.
Today’s news follows Bitstamp’s recent listing of XRP/USD and XRP/USD trading pairs. Bitstamp is also the first partner exchange for Ripple’s XRP incentive program which is designed to increase liquidity and tighten spreads. This program offers rebates and compensation to qualifying liquidity providers in XRP pairs at partner exchanges.
To learn more or get involved with XRP, please contact us.
Ripple Can Help Banks Evaluate Their Cross-Border Payment Costs
The McKinsey 2015 Global Payments Report stated that the number of global payments made in 2015 totaled $30.3 trillion and is expected to grow 6% per year over the next five years. With that in mind, it’s increasingly important for banks to understand their end-to-end cost for cross-border payments. Many Ripple customers expressed that this is no simple feat, which is why we created the cost model. It is designed specifically to help banks understand their cost structure and how Ripple can help them overcome current inefficiencies.
With Ripple’s new cost model, banks can easily enter transaction volume and operational metrics to receive a custom cost analysis. The cost analysis breaks down cost to a per-payment level, for both a bank’s current system and if it were to use Ripple.
The analysis includes a cost structure that shows the bank’s transactional volume and metrics compared to global averages. Cost breakdown across payment processing, treasury and reconciliation is also shown with the bank’s current provider and what it would be with Ripple. Armed with this analysis, banks can easily estimate the efficiency gains it could achieve using Ripple for international payments.
Ripple’s solution is designed to lower total cost of settlement, enabling banks to transact directly and with real-time certainty of settlement. By upgrading existing infrastructure, Ripple increases end-to-end processing efficiencies and can ultimately allow banks to make new business models economically viable through lower costs. But how much? We estimate close to 60% cost savings for an average payment size of $500.
Ultimately, the cost savings only tell half the story – the real benefit of Ripple is derived from the high quality transaction products and services that enable banks to service new customers, new use cases and new markets.