- Xago (Ripple) is all set to expand their business by raising money from South African VC Capitec Bank and investment company called Empowerment Capital.
- They are expected to further work on reducing the remittance fee and increasing the speed.
Xago, an African partner of Ripple is all set to stretch their business by expanding remittances using XRP. It is a South African – based digital asset exchange and a remittance organisation which allows its users to trade XRP and provide them payment services between SA’s fiat ZAR and XRP. It allows both individuals and companies to have rapid remittance services.
The company has confirmed that they have received the investment that will help them to further expand their digital asset services all around Africa. It was in April 2019 when Xago officially joined Ripple’s Payment network, usually known as RippleNet. Their main aim is to promote local and international capital transfers.
How does Xago expand their services?
The company has said that they are raising the capital with the help of investment from South African Venture Capitalist Capitec Bank and another investment company known Empowerment Capital. The Empowerment Capital Investment Partners is a NY-based organisation which provides all South African a great opportunity through commercial investment.
Mark Chirnside, CEO and Chairman of Xago, in a podcast named Money web crypto, explained that the new investments will be exclusively used for improving the speed and lowering the remittance prices. It is also in a plan to establish a business partnership with 25 other crypto exchanges and to stretch their payment services using XRP leisure in Africa. He also added that Xago is working all the way to change the conventional route of money flow, the price it costs and time required to reach destination while giving a secured, traceable financial ecosystem.
Jurgen Kuhnel, the Co-Founder of Xago, also has shared his thoughts about the investment. He said that they are very particular about the remittance speed. He explained with an example stating that an average time taken for a transaction by Bitcoin will be 12 minutes, Ethereum network takes 3 minutes while XRP takes only 3 seconds. He also added that they always prefer XRP to Bitcoin. This is because they believe that using XRP helps them settle transactions easily, swiftly and in the best way possible.