- Ripple has been awarded “Platinum Winner” status for Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.
- This reward could increase demand for XRP despite the price decline seen in recent times.
San Francisco-based blockchain company Ripple has won the title of “Best Cross-Border Payments Platform – Platinum Winner” at the 2024 Fintech & Payments Awards. The recognition comes from Juniper Research, a renowned analytics firm specializing in fintech and new technologies. Despite recent volatility in the price of its companion cryptocurrency, XRP, Ripple remains a leader in cross-border payments.
This is not the first time that Juniper Research has awarded Ripple. In 2023, the company was recognized for its efforts in the area of central bank digital currency (CBDC). This recent recognition follows other recognitions that have placed Ripple in a strategic position to compete with other companies offering cross-border payment solutions.
A reward that could boost XRP despite the recent drop in its price
In response to the announcement on X, Ripple said it was honored to be recognized for its work in the fintech and payments sectors. It is important to note that Ripple uses blockchain to solve the typical problems of cross-border payments, especially in terms of time and money.
The price may also have a positive impact on Ripple’s native token, XRP, as this token is a key part of the company’s payments solution. Widespread adoption of Ripple technology may create high demand for XRP, which will impact its price.
However, the price has seen some fluctuations lately. For example, XRP fell below $0.54 in due to legal problems with the SEC, but the company’s technological developments could favor the value of the token in the future.
Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, along with Ripple, are part of the new generation of companies which are revolutionizing the management of payments, identification and banking services. Additionally, in the area of fraud prevention, Visa and Fraud.net were named leaders for their work strengthening the security of digital payments.
Ripple expands its global presence
In addition to the award from Juniper Research, Ripple has expanded into the Latin American market. It strengthened its position in the Brazilian market thanks to a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. This partnership aims to improve cross-border payment services in Brazil through its blockchain technology. He strengthens also the speed and reduction of costs of international transactions for companies using Brazilian reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.
In addition to its presence in Brazil, the company recently received approval from theDubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Center (DIFC). This is a boost for Ripple, which is looking to expand its business in the UAE. The introduction of Ripple Payments Direct (RPD) is designed to provide UAE businesses with faster, more secure and legally compliant cross-border transactions.
