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Ripple partner Xago says it receives substantial investment to expand its cryptocurrency services into African markets.
Xago operates a regulatory compliant XRP / South African Rand (ZAR) exchange that bypasses traditional payment tracks and allows customers to quickly move money across borders.
The company announced this week that it is receiving an investment from Imvelo Ventures, a venture capital firm founded by South Africa-based Capitec Bank and investment firm Empowerment Capital Investment Partners.
Xago CEO Mark Chirnside says the funding will help fuel the company’s mission to reduce costs and increase the speed of remittances.
Chirnside tells Moneyweb Crypto that his company is also working on concluding deals with other exchanges around the world.
“We have 25 global exchanges on the point of discussion on accepting integration with us to open up South Africa. We’re working with space regulators and we’re working with … a couple of retail spaces to combine functionality all the way to the point of sale. ”
Jurgen Kuhnel, chief commercial officer and co-founder of the exchange, says XRP is central to the company’s mission of making cryptocurrencies work in the daily payments space.
“Payment speed is essential. If you were to take, for example, Bitcoin – it takes 12 minutes to clear on average for a block confirmation, or the Ethereum network takes three minutes and the Ledger XRP takes three seconds. “
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Featured Image: Shutterstock / Gonin
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