Ripple is one of these companies leveraging blockchain to impact the financial industry. Introducing a Line of Credit is one way of achieving this goal. A very interesting feature that can be beneficial to companies active in the remittance industry.
Another Step Forward for Ripple
Among cryptocurrency enthusiasts, Ripple has never had the best of reputation.
Nor does its XRP asset, which many people keep referring to as a “banker’s coin”.
That being said, Ripple’s success in the financial world cannot be overlooked nor denied.
The company is making inroads in remittance corridors, by providing cheaper, faster, and more accessible solutions.
Line of Credit fits this bill rather well in that regard, as it allows for sending funds now and paying later.
Using a line of credit from Ripple, any financial institution can use XRP to complete instant cross-border transactions.
At the time of payment, the sender can lock in a specific rate.
Repaying Ripple can be done at any time, in exchange for a small fee.
This has tremendous potential to further impact the remittance industry as a whole.
To this date, sending money across borders remains incredibly expensive and time-consuming.
That is no longer a viable option in this modern day and age.
For the time being, this Line of Credit is only available to RippleNet customers.
It is not a solution designed for the general public or retail customers.
Among eligible users, it may still come down to jurisdiction and regulatory requirements.
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