As Ripple continues to grow with its various collaborations and its underlying tech, the blockchain firm’s product RippleNet is also attracting many admirers. RippleNet member and digital cross-border payments provider, InstaReM, is the latest to make news after it announced that it has expanded its geographical footprint to Canada.
While solidifying its presence in North America, individuals and businesses in Canada will be enabled to send money to more than sixty countries, including the UK and the US, markets that will be leveraging InstaReM’s Zero-Margin and Low-Fee international money transfers. This in turn, would help RippleNet members utilize InstaReM’s growing network.
Addressing the expansion, Prajit Nanu, Co-Founder and CEO of the Singapore-based InstaReM, commented,
“At InstaReM we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada. Our innovative payments solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional cross-border money movements”
Highlighting the cost-effective aspect of the same, the official website of InstaReM stated,
“InstaReM quotes Zero-Margin FX rates and charges only a nominal fee. This helps to keep the cost down and enables the customer to get the best rates. Banks normally have their margins on top of mid-market FX rates and add SWIFT charges to the transaction, making the transaction more expensive for the customer.”
Canada is an integral corridor, with $24.6 billion sent out of the country in remittances in 2017. The present development indicates the importance of Canada’s remittance industry in Ripple’s thriving ecosystem.