More than 50 companies applied to be part of the first regulatory sandbox of South Africa’s South African Intergovernmental Fintech Working Group (IFWG). Two of Ripple’s partners, Mercury FX and Xago Technologies have been selected by the South African financial regulator among the final six. The goal of IFWG is to promote fintech innovation in South Africa’s financial market.
South African Regulators Towards Efficient Cross-Border Payments
International payments specialist Mercury FX, being a partner of Ripple Labs, will leverage XRP for more efficient cross-border payments into the region.
The aim is to shorten the money transfer window by using RippleNet’s On-Demand Liquidity (ODL) service and the XRP token. This can result in a significant reduction of time and cost of sending money in and out of South Africa using RippleNet and on-demand liquidity (ODL).
“Ripple is honored to be part of this transformation of remittances and international payments within Africa in partnership with innovative partners like Mercury. We are committed to supporting similarly important efforts around the world and working closely with regulators to ensure their success.”
As part of the project, the selected companies will test the regulatory treatment of cryptocurrencies for conducting cross-border remittances between South Africa and the United Kingdom and vice versa.
Other companies to be selected into the regulatory sandbox of IFWG includes The People’s Fund, The Standard Bank of South Africa Limited, Investec Bank Limited, Centbee, and South African cryptocurrency exchange Xago Technologies, another partner of Ripple Labs.
71 Million Worth XRP Moved by Ripple and Binance
Ripple Labs, Binance, and other cryptocurrency exchanges have transferred almost $72 million between each other.
Data from Whale Alert indicates that Ripple and Binance have transferred 127.3 million XRP tokens, representing a whopping $71,858,922 million.
Ripple Labs transferred approx. 39.1 million XRP tokens to Binance wherein the crypto exchange moved the funds further. The same amount of XRP was shifted internally between Ripple wallets.