Ripple Growing Their Network With Payment Remittance Company In South Korea – Sentbe

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Ripple Partnerships

Nothing should be considered investment or financial advice. Enjoy the ride.

Ripple never stops growing no matter which way the market is moving. Currently, the XRP token is struggling to maintain steady price levels which is correlated with the rest of the market as Bitcoin retraces. Although, you would not think that with all of the hype around this project.

The company behind the project, Ripple, does not seem to mind the market turbulence at all by continually pushing new partnerships and hiring the best available people on the market. Recently, Ripple bought a share of the company Moneygram which now enables the use of xRapid and other products across all of their clients. On July 19, Moneygram established a partnership with Sentbe which also meant a partnership with Ripple. This partnership made Sentbe, Moneygram’s first virtual agent based in South Korea.

The collaboration between Sentbe – which has accumulated billions of Korean Won worth of transactions as of July 2019 – and MoneyGram aligns with MoneyGram’s goal of providing consumers with an expanded range of digital money transfer options. Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.

-Yahoo Finance

In short, Sentbe will focus on offering remittances to their client pool by utilizing the xRapid product. Specifically, Sentbe will utilize the product to settle transactions in XRP which is great for bag holders and will boost trade volume inevitability over the long-term.

XRP Is Not Centralized

Besides the recent partnership, there has been a substantial amount of FUD floating around the market. The FUD was concentrated on the question: is the Ripple network centralized.

Previously, since there were limited users using Ripple’s products, the network was technically centralized. Over time, the network has grown through new partnerships, developments, and institutional use. Therefore, the network supporting the XRP token is no longer centralized. For every client that joins the Ripple network, they will usually become a node as well. This continual growth of companies trying to utilize Ripple will ultimately also decentralize the product which they are using making it more safe and secure in the long run.

For those that want to dive in more, check out this site that will show XRP network topology. Currently, there are over 1,000 nodes globally verifying the network and enabling fast and near fee-less payments and money transfers.

Image Via XRPCharts

This is an animation of the over 1,000 nodes currently securing the network. To break it down even further, there is another site that describes the nodes per location with the United States leading in rankings. We are going to check out XRPCharts’ world map to see the placement of nodes around the globe.

As anyone can see, there are plenty of nodes running on the XRP network, and there is very little chance of anyone one group of nodes gaining the network at this time. As the partnerships and use cases continue to grow, the XRP network will get more and more secure providing a nice decentralized layer to near instant and near fee-less international transfer of money.