Ripple’s Partner Ramessa Online Prefer Banks “Until When XRP is fully Regulated”
Finally, Ramessa Online, a Sao Paulo based company with a functional partnership with Ripple has admitted that they are waiting for XRP to be “fully regulated” before incorporating the asset as their on demand liquidity tool.
Founded in 2016, their collaboration with Ripple allows the company to use xCurrent. It is one of the three main solutions marketed by Brad Garlinghouse and Ripple executives that allow end-to-end tracking but transfers are done without XRP. The solution has been largely adopted by financial institutions who are obviously uncertain on what would happen assuming the US SEC classify XRP as a security and begin cracking down on coin holders.
Through a tweet, Ramessa Online said they plan to expand to XRP (xRapid) in the near future:
We are live on xCurrent, but we do plan to expand to XRP some time in the near future. We will keep you guys updated!
The remittance company’s objective is to facilitate “simple, fast and cost-effective” just like Ripple. It only takes five minutes for one to open an account which is free and besides efficiency, it is secure. However, like most remittance firms, they are compliant with the law assisting authorities to abet money laundering and/or terrorist financing. Besides, all transactions are via Brazil’s central banks causing some latency. As a result of this, it means users wishing to send money must first submit personal details like ID and proof of residence documents.