Finablr announced the partnership on Oct. 3, claiming that the new feature “offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.”
Samsung Pay, the mobile payments service of South Korean tech giant Samsung, has partnered with payments platform Finablr, Ripple’s RippleNet member, to offer cross-border payments feature Money Transfer to its app’s users.
Furthermore, United States-based Samsung Pay’s clients reportedly can use their debit or credit cards to send money via the service.
Per the release, all the fees and exchange rates are included upfront, allowing users to know in advance what they will be paying. The system’s security also employs tokenized credentials backed by Samsung Knox. Sang Ahn, the vice president and head of content and services division at Samsung Electronics America, added:
“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”
An increasingly competitive space
Lastly, while the Money Transfer feature is now rolled out to the United States userbase, the new service will be expanded to more markets next year, the press release states. According to company information website Crunchbase, Finablr was founded in April 2018 and has $5 million in estimated revenue annually.
As Cointelegraph reported on Feb. 26, multi-currency money-sending app Circle has announced that it acquired major US-based cryptocurrency exchange Poloniex for $400 mln.
Ripple’s XRP Sell-Offs ‘Negligible’ Says CTO as Crypto Stays 95% Down
A senior executive at blockchain payment network Ripple has publicly defended the company against fresh criticism of its associated cryptocurrency, XRP.
In an ongoing Twitter debate, David Schwartz, Ripple’s chief technology officer, rebuffed a claim that XRP was designed as a revenue stream for the company.
Schwartz: XRP does not make Ripple richer
The argument followed further tweets from sources including ex-Bitcoin Core developer Peter Todd, who alleged Ripple’s partners had told him they were not prepared to use XRP. Schwartz protested:
“Nobody buys XRP to give Ripple money to do things.”
XRP investors have felt the pinch in recent weeks as the token fell to more than two-year lows against the U.S. dollar. Currently trading at around $0.19, XRP/USD is now down almost 95% against its all-time high of $3.40.
For bagholders, the picture is complicated by the curious relationship Ripple maintains with XRP. Past spats have seen Schwartz and others attempt to divorce the company from suggestions it created and controls XRP, despite it selling huge tranches of tokens throughout the past two years.
Over time, as Cointelegraph reported, those sell-offs have only increased in size.
Now, however, Schwartz appeared to distance Ripple – and its sell-offs – from XRP even further, stating:
“We were vc/angel funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding.”
The schism appeared to intensify after prominent Bitcoin trader Tone Vays openly suggested that XRP was an illegally-launched security.
Days before, on Dec. 20, Ripple announced it had secured a $200 million Series C funding round. This led it to describe 2019 as its “strongest year” in official literature, despite XRP’s conversely dire fortunes.