Ripple is working on launching a new platform for cross-border remittance. According to the company, pretty much anyone with a smartphone and from anywhere in the world will be able to send money to any destination via text messaging. The announcement was made in an official blog post from Xpring, Ripple’s investment, and development arm.
The new platform will allow people to transfer money everywhere using XRP has a base asset. Dubbed Remit, the app is a peer-to-peer payment platform that uses XRP via Xpring SDK and SMS via Twilio API. Remit came out on top at the Xpring Challenge at SLOHacks, a hackathon that was recently held at the California Polytechnic State University’s California Cybersecurity Institute.
On the team’s decision to do this via SMS, the publication says that they were looking to solve the problem of heavy remittance costs. It also says that Remit will soon be integrated with the Interledger Protocol as well.
“SMS is the most widely used data application on the planet with over 4 billion users worldwide, many of which don’t have access to the internet. Remit now allows these users to send money globally using XRP over SMS and (soon) ILP.”
It is unclear how much Xpring would be investing in Remit. By July last year, Xpring had spent over $500 million on several investments since it was launched in May 2018.
Image Credits: Pixabay
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