- Xago (Ripple) is poised to expand its business by raising funds from South African bank VC Capitec Bank and investment firm called Empowerment Capital.
- They are expected to work further to reduce the remittance fee and increase the speed.
Xago, an African partner of Ripple, is ready to expand their business by expanding remittances using XRP. It is a digital asset exchange based in South Africa and a remittance organization that allows its users to exchange XRP and provide them with payment services between SA’s fiat ZAR and XRP. It allows both individuals and companies to have quick remittance services.
The company confirmed that it has received the investment that will help them further expand their digital asset services across Africa. It was in April 2019 when Xago officially joined Ripple’s payment network, usually known as RippleNet. Their main purpose is to promote local and international capital transfers.
How does Xago expand its services?
The company said it is raising capital with the help of investments from South African Venture Capitalist Capitec Bank and another well-known investment firm Empowerment Capital. Empowerment Capital Investment Partners is a New York-based organization that offers all South Africans a great opportunity through commercial investments.
Mark Chirnside, CEO and President of Xago, explained in a podcast called Money web crypto that the new investments will be used solely to improve the speed and lower the prices of remittances. It is also planning to establish a business partnership with 25 other cryptocurrency exchanges and to extend their payment services using XRP leisure in Africa. He also added that Xago is working hard to change the conventional path of money flow, the price it costs and the time it takes to reach the destination, providing a secure and traceable financial ecosystem.
Jurgen Kuhnel, the co-founder of Xago, also shared his thoughts on investing. He said they are very demanding about the rate of return. He explained with an example stating that an average time taken for a Bitcoin transaction will be 12 minutes, the 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, quickly and in the best possible way.