Blockchain startup Ripple has announced its expansion into emerging markets with two banks and three remittance providers joining RippleNet – its enterprise blockchain network.
According to the official release, two banks – Brazil-based Itaú Unibanco and India-based Induslnd,and three remittance providers – Singapore-based InstaReM, Brazil-based Beetech, and Canada-based Zip Remit – are joining RippleNet which recently surpassed more than 100 members. The new members aim to facilitate payments both into and out of emerging, global markets.
Earlier this month, Chinese payment provider LianLian International joined RippleNet. With the new members, RippleNet can now provide instant access into emerging markets such as India, Brazil and China.
Patrick Griffin, head of business development at Ripple, believes that blockchain solutions can provide a much more significant impact to the customers of financial institutions in emerging markets.
“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets,” said Griffin. “Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
