The recent Ripple Regionals Event held in London was an eye-opener to say the least, in the Blockchain community. Attendees got a chance to hear the most exciting stories of how Blockchain helped successfully grow new markets in Mexico, Philippines and beyond for three European business leaders.
The companies shared how they used the Blockchain in overcoming the barriers of exotic currencies. Thanks to technology, they can now make cross border payments faster and cheaper than ever before. In addition, the technologies enable more transparency for customers universally.
Blockchain technologies have been the secret weapon for a cost-effective way of getting way ahead of the competition.
Below are some key lessons accompanied by their success stories.
Develop Your Growth Opportunities
Euro Exim bank is a classic example of how Blockchain can be used to grow markets at a rapid level and efficiently. The bank facilitates trade finances in over 80 countries where liquidity is difficult.
Euro Axim’s Head of Compliance and Operations Graham Bright admitted his organization’s challenge of getting a fast, trusted, reliable and secure service for its customers. Axim’s potential growth markets at the time were in Africa and Asia where there is no easy access to euros and dollars. The company needed a faster and cheaper alternative to the slow and expensive payment network that existed.
A partnership with Ripple, a Blockchain solution was the right remedy to this problem. Within three months of the partnership, Ripple helped the company grow to tremendous market opportunities quickly and efficiently.
Accessing The Inaccessible
Mercury FX is another success story. The company has a goal of making money move faster worldwide and at a low cost. To overcome the high turnarounds and low costs experienced under the SWIFT network, Mercury FX had one company in mind. Ripple.
They had to experiment first. Alastair Constance, CEO Mercury FX says they sent a donation to an orphanage in Mexico using xRapid as an experiment and the result turned out successful. So successful, the company started facilitating payments for a UK-based business that imports Mexican food.
Besides the faster and cheaper benefits, Constance says that Ripple has opened up their mind to lucrative doors he thought was closed off by high cost and time-consuming natures of international payments. The company is now exploring opportunities in the Philippines and other new markets.
Finding More Value
TransferGo was established in 2012 with a goal of providing international settlements for migrants at least within 24 hours.
“That would be extremely slow in today’s market calibers,” says Tomas Snitka, TransferGo Head of Operations.
The current market competition demands a faster and cost-effective provider. That’s where RippleNet comes in.
Snitka demonstrated how it takes only seven minutes for customers to get funds into their TransferGo accounts.
“But by next year, seven minutes will be too slow,” said Snitka. They expect to get to two minutes by next year.
You would be tempted to think speed is the only benefit, they are talking of transparency and the peace of mind as well. Customers in India are confident in the Ripple and TransferGo partnership.
These are just a sample of the success stories shared, that you missed out at Ripple regional events. It’s possible, you can be a part of the next conference’s success stories.