If you can’t beat them join them. For one digital remittances solutions provider, this held true. TransferGo announced on September 5 that it had launched a blockchain-based real-time transfer system that’s powered by Ripple. The company revealed that it had settled on Ripple’s network due to its speed of execution and its low costs, dubbing it as the best replacement for SWIFT. TransferGo will focus on the large Europe to India corridor, making Ripple an even better choice as it’s rate of adoption in India is quite high. The announcement comes at a time when most cryptos, Ripple’s XRP included, wiped out billions of dollars in hours.
TransferGo’s new platform will enable its users to transfer money in real time to India from anywhere in Europe, the London-based company stated in a press release. This is a multi-billion dollar payment corridor and will open up a world of new opportunities for its users, the company pointed out. The new platform makes TransferGo one of the pioneers of real-time payments, the company’s founder and CEO Daumantas Dvilinskas stated: