- Xago (Ripple) is set to grow its business by raising funds from South African bank VC Capitec Bank and investment firm called Empowerment Capital.
- They are expected to continue their efforts to reduce remittance costs and increase speed.
Xago, an African partner of Ripple, is poised to expand its business by expanding remittances using XRP. It is a South Africa-based digital asset exchange and money transfer organization that allows its users to trade XRP and provide them with payment services between SA’s fiat ZAR and XRP. It allows individuals and businesses to benefit from fast remittance services.
The company has confirmed that it has received the investment that will help them further expand their digital asset services across Africa. It was in April 2019 that Xago officially joined Ripple’s payment network, commonly known as RippleNet. Their main objective is to promote local and international capital transfers.
How does Xago extend its services?
The company said it was raising capital with the help of investments from the South African Venture Capitalist Capitec Bank and another investment firm known as Empowerment Capital. The Empowerment Capital Investment Partners is a New York-based organization that provides all South Africans with a great opportunity through business investment.
Mark Chirnside, CEO and Chairman of Xago, in a podcast named Money web crypto, explained that the new investments will be exclusively used to improve the speed and lower the prices of remittances. There are also plans to establish a business partnership with 25 other crypto exchanges and expand their payment services using XRP Leisure in Africa. He also added that Xago was working hard to change the conventional route of money flow, the price it costs and the time it takes to reach the destination while providing a secure and traceable financial ecosystem.
Jurgen Kuhnel, the co-founder of Xago, also shared his thoughts on investing. He said they were very particular about the speed of the remittances. He explained with an example that the average time needed for a Bitcoin transaction will be 12 minutes, Ethereum network takes 3 minutes while XRP takes only 3 seconds. He also added that they still preferred XRP to Bitcoin. This is because they believe that using XRP helps them settle transactions easily, quickly and in the best possible way.