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- Ripple has earned another award for its role in cross-border payments.
- The company is making important pivots including plans to launch EVM Sidechain.
Ripple Labs Inc. continues to make headlines as it bags the best cross-border payments platform and the best Decentralized Finance (DeFi) Infrastructure platform awards from the Fintech Breakthrough Awards 2024.
“We’re excited to share that we are FinTech Breakthrough Award Winners for 2024 for Best Cross-Border Payments Platform and Best DeFi Infrastructure Platform! Thank you, @Fintech_Awards, for the recognition!” Ripple announced on its official X account.
We’re excited to share that we are FinTech Breakthrough Award Winners for 2024 for Best Cross-Border Payments Platform and Best DeFi Infrastructure Platform! 👏
Thank you, @Fintech_Awards, for the recognition! 💫https://t.co/lGliRCp00V pic.twitter.com/5xAdiRoiXm
— Ripple (@Ripple) March 18, 2024
Ripple’s Journey in Cross-Border Payments
While commenting on the news, Bitrue Ambassador with the username @XRPcryptowolf expressed hope for Ripple’s awards to boost XRP’s price. “If only these awards could convert to boosting XRP’s price,” the X user commented.
Despite reservations, the award does not come as a surprise to many as Ripple’s cross-border payments technology has continuously provided speed, transparency, and cost-effectiveness in global transactions. Ripple allows seamless cross-border payments using blockchain technology, allowing businesses and financial institutions to transact with efficiency and dependability.
In February, the World Bank categorized XRP as a stablecoin since it makes cross-border payments more efficient and cost-effective. According to a prior report by Crypto News Flash, this classification is unique in that the cryptocurrency is compared to major stablecoins like USD Coin (USDC) and Tether (USDT).
This acknowledgment comes only shortly after Ripple Payments formerly known as RippleNet introduced expanded integrations with the XRP Ledger’s native decentralized exchange (XRPL DEX), to improve product performance and facilitate market entry by exploiting global liquidity choices, as Crypto News Flash had formerly announced.
Moreover, Onafriq, Africa’s largest digital payments gateway has teamed with Ripple to facilitate cross-border payments between Africa and other nations around the world. The partnership was announced during the Ripple Swell 2023 conference in Dubai.
In an era where traditional banking institutions frequently struggle to meet the demands of a globalized economy, Ripple’s cross-border payments platform stands out as a beacon of innovation, providing real-time settlement and improved liquidity management solutions.
Whether it’s facilitating remittances, enabling e-commerce transactions, or assisting international organizations, Ripple’s technology is at the vanguard of changing the way money moves across borders.
Growing Role in DeFi
Beyond its role in cross-border payments, Ripple is also played a crucial role in the future of DeFi.
In line with what Crypto News Flash previously disclosed, Ripple said it plans to install an Ethereum Virtual Machine (EVM) sidechain atop the XRP Ledger (XRPL), guaranteeing XRP compensation for chain validators. This action not only expands Ripple Labs’ push into the DeFi industry but also sets a favorable precedent for XRP’s value.
Notably, Ripple’s DeFi infrastructure provides users with accessibility and security, accelerating the global democratization of finance. While Ripple has achieved success in securing dual awards at the FinTech Breakthrough Awards 2024, there is still concern about its ongoing case with the US Securities and Exchange Commission (SEC). The lawsuit in which.SEC claims that XRP is a security, claim that casts a shadow over the future of cryptocurrency is nearing it’s settlement
As of the time of writing, XRP is down 4% and is trading at $0.5963, with its market capitalization standing at $32.5 billion.
