As Ripple continues expansion, Xago launches first South African XRP – Only gateway & Exchange
Cape Town-based Fin-Tech Start-up Xago announced its XRP Gateway and custom made Exchange, making it another Ripple collaboration in recent times. This exchange platform is based on Ripplenet and it will allow all the transactions through XRP only.
This new crypto exchange will help to increase the XRP utility in South Africa. This will act as the market making platform for the cryptocurrency enthusiasts and businesses that want to trade with and utilize XRP and the Ripple ledger. To reduce the exposure of volatility, due to fast settlements between wallets, Ripplenet is a viable option for transferring value between exchanges. Instant payments in XRP allow reducing the token’s volatility and add more liquidity to it.
The Founders Jurgen Kuhnel, Sonya Kuhnel and Mark Chirnside who are currently designated as the CEO, COO and Chairman respectively, started Xango in 2016. Xango believes in block-chain technology and they believe Ripplenet, in particular, will play a vital role in transforming the payment industry.
CEO Jurgen Kuhnel explaining the choice to specifically focus on Ripple and XRP said, ‘By solving the double-spending problem the Bitcoin block-chain opened up digital peer-to-peer payments without the need for a trusted 3rd party through the process of mining. Ripple took this one step further and built a faster and more cost-effective decentralized ledger to compete in the high throughput and fast clearing retail and banking environments.’
As soon as the Ripple exchange gains enough liquidity, Xago aims to release a payment switch for retailers, which will be accessible through hardware and software. After that people in South Africa will be able to use XRP for buying goods and foods online or offline through smartphones. In this way, Xago will replace the need for acquirers and card networks for retailers. Moreover, with the use of both RippleNet and XRP, it will be possible to enable cross-border payments for consumers and interested individuals.
Xago’s mobile number based identity system is built to connect mobile devices. Xago platform is gearing to compete in the high stakes retail environment together with significantly lower transaction fees. This will enable clients to create new and innovative products that will ultimately benefit the end consumer.
Chairman Mark Chirnside added, ‘This is no small step on the journey of Xago.io. With this launch and with the welcomed constructive approach we take with regulatory compliance and best practice, this platform holds the promise to reduce cost and friction, at a very interesting time in the payments arena. Personally, I am honoured to be involved as an investor and as Chairman’.
Furthermore, the platform informed they will also support ZAR fiat on-ramps that will allow users to have access to the third-largest cryptocurrency in the market.
In continuous expansion, Ripple recently partnered with the Finastra startup that provides payment solutions to banking customers around the world and Iceland crypto trading company Algrim, a collaboration with BitPay.
At Current, XRP is trading at $0.27, showing a rise of 0.78 per cent.
About The Author
Debarati GhoshDebarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.
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