Nium, a payment service provider formed in 2014, joined RippleNet not long ago, and the firm can already declare its first accomplishments. Prajit Nanu, co-founder, stated:
“By using Ripple for the Philippines and Mexico payment corridors, we were able to eliminate the need for pre-funding and offer faster transfers at a lower cost.”
As a result, Nium demonstrates the efficacy of Ripple Labs’ payment services. Nium capitalized on its success to expand its operations. A collaboration with the Stellar network will allow it to enable money transactions in 190 countries in the future.
This collaboration will benefit both parties. Customers of Nium will now have access to the Stellar network, while Stellar customers will have access to RippleNet via the created API.
As a result, the two companies will be able to enter new markets by utilizing the Fiat On/Off ramps. Denelle Dixon, CEO of Stellar, stated:
“At SDF, we are always striving to penetrate new parts of the world and expand the network. We are very pleased to be able, together with Nium, to extend the reach of the Stellar network so significantly.”