Payments company Ripple is to use its financial success to help start-ups and small businesses in the developing world get access to global payments networks. Ripple has already led a $25m investment in San Francisco start-up Omni, which offers storage and rental services. At least six companies that raised money using initial coin offerings are also investing in companies that can use their products. Responding to a question on stage at Money2020, Garlinghouse said concerns around volatility in XRP for payment services are “fake news.” XRP is aimed at banks and financial institutions but Ripple has been criticised for failing to get banks on board.
Payments company Ripple is to use its financial success to help start-ups and small businesses in the developing world get access to global payments networks. Ripple has already led a $25m investment in San Francisco start-up Omni, which offers storage and rental services. At least six companies that raised money using initial coin offerings are also investing in companies that can use their products. XRP is aimed at banks and financial institutions but Ripple has been criticised for failing to get banks on board.