SendFriend, a next-generation remittance company, is now live with xRapid, Ripple’s XRP-powered solution for moving money across borders. The digital asset is designed to make transactions fast, cheap, simple and secure.
SendFriend announced on Sunday that it has launched its service in New Jersey to allow overseas Filipino workers to send money back home, tapping into the $11 billion that is sent each year to the Philippines from the US.
XRP, the world’s third-largest cryptocurrency, is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP in seconds instead of days.
We've confirmed! We're live with xRapid now.
— SendFriend (@sendfriendinc) June 27, 2019
SendFriend says its platform eliminates high banking fees, providing its service at a massive discount compared to legacy platforms – 65% lower than the industry average.
The company plans to roll out its service in Texas as well, but hasn’t revealed a date.
“Texas is in the roadmap. We can’t comment on the exact timeline yet, but we’re working as hard as we can to open it up as soon as possible.”
SendFriend has also launched a June promotion covering transactions for users who send up to $10.