Ripple Listed As One Of Three Crypto Companies In List of World’s Top 100 Cross-Border Payment Companies

April 28, 2022 1:09 pm Comments

FXC Intelligence has recently compiled a list of the world’s top 100 cross-border payment companies for the year of 2022.

The demand of cross-border payment services had especially skyrocketed this year as international e-commerce which has resulted in many new competitors within the space.

Many of these challenge existing international payment systems that many countries have been very dependent on in the past such as the SWIFT system and the continued growth of these alternative options is expected to change the financial landscape in the coming years.

To coincide with the growth of new options, crypto has also grown significantly as a new viable option that many industries are now exploring for potential use cases.

When it comes to cross-border payments, only a few have so far been recognized at the top of the list such as Ripple and its native token XRP which has grown internationally at extremely rapid rates.

Ripple was also the only crypto company to make this list back in 2020.

FXC Intelligence reports:

There’s been a number of changes to our map this year, with some new entrants to note.

For example, Circle joins Ripple and Stellar in our crypto category, while a slew of public debuts has seen several companies move from the VC-backed category to become public companies.

Ripple provides a blockchain-based digital payment network and issues the cryptocurrency XRP.

The company is expanding quickly, with 500 employees across 9 global offices. Its products are used by customers across more than 55 countries.

Ripple’s top position and current growth trajectory can be attributed to its success in onboarding major financial institutions around the world to join its global financial payment system which has often been referred to as SWIFT 2.0.

Other top competitors within the crypto space that were also mentioned along with Ripple were Stellar and Circle.

Stellar was designed as a stable decentralized financial network that could be used outside of traditional economies and is developed by the Stellar Development Foundation.

Stellar focuses more on international payments with more of a focus on the retail & consumer space and has partnered with MoneyGram in order to enable these international payments.

Finally, Circle is also a company that has made it on the list which focuses on stable coin payments where its USDC stable coin is backed by a dollar.

FXC Intelligence shares details on both:

Stellar is a decentralized network for sending digital representations of money to accounts around the world.

It is being developed by the Stellar Development Foundation (founded in 2014) with the aim of creating a stable financial network that exists outside global economies.

Headquartered in Boston, US, Circle is a global finance firm that helps businesses accept payments using digital currencies.

It issues the USD COIN (USDC), a US dollar-backed digital currency that is supported on several blockchains, and which is currently used in MoneyGram’s trial of stable coin-based remittances.

Ripple being able to make it on the top 100 list and being one of the three crypto options represented in this report by FXC Intelligence indicates the increasing recognition that the project has been gaining internationally.

It seems that, as a result, XRP’s growth has been consistently growing despite its lawsuit as the company has recently reached a new record of a $15 billion valuation earlier this year.

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