It’s not all bad news out there. In fact, amid rising uncertainty, many companies are still forging ahead. Despite having its employees working from home, Ripple just announced a brand-new partnership. Working with Thai-based DeeMoney will allow the blockchain unicorn to onboard one million new users.
Ripple to Parter with DeeMoney
Ripple announced its latest partnership with Thai fintech startup DeeMoney in a company blog post. And it looks to be a mutually beneficial match. DeeMoney already specializes in remittances and, thanks to RippleNet, Ripple’s global financial payments network, it will now be able to process live transactions with the “lowest fees and best rates.”
Through our partnership with DeeMoney, over 1 million Thais working globally can now transfer money back home at the lowest fees and best rates. https://t.co/b68mJ29vW2
— Ripple (@Ripple) March 19, 2020
DeeMoney also marks Ripple’s first non-bank institution in the country to use its RippleNet technology. The remittance company processes payments coming into Thailand mainly from South Korea, Singapore, and the Middle East. According to Ripple:
Currently, it is estimated that there are around a million Thais working globally who are transferring money back home.
The company also plans to leverage RippleNet for outbound transfers for Thais as well. This will start during the second phase of implementation. Aswin Phlaphongphanich, CEO of DeeMoney commented:
We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.
For its part, Marcus Treacher, SVP of Customer Success at Ripple said:
The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates.
Garlinghouse Recognizes Need to Help Loved Ones
Taking to Twitter shortly after the post, Ripple CEO Brad Garlinghouse recognized the challenges the world faces due to the COVID-19 pandemic. He said that the entire Ripple team is now working from home but assured the company would still be able to service its customers. Now, more than ever, he said, we must ensure that:
individuals can continue to send money home to loved ones in a time they need it most.
In this unprecedented new reality, it’s critical that we not forget those who are in need. We @Ripple are doing all we can for our customers around the globe to ensure individuals can continue to send money home to loved ones in a time they need it most. (2/3)
— Brad Garlinghouse (@bgarlinghouse) March 19, 2020
As we come to grips with our temporary new reality it’s encouraging to see that the cryptocurrency industry is still making strides. And that, even when working from, we can still make a difference to millions of people around the world.
Are you excited by Ripple’s new partnership? Let us know in the comments section below!
Images via Shutterstock, Twitter @bgarlinghouse @Ripple
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.