Startup SendFriend Attracts $1.7 Million From Ripple And Barclays
The American startup SendFriend raised $1.7 million from the Ripple crypto platform, the financial conglomerate Barclays, and other large companies during a funding round, CoinDesk reports.
SendFriend intends to use the Ripple cryptocurrency (XRP) for international transactions. Besides, the company is a member of the business accelerator Barclays powered by TechStars since the autumn of 2018.
The raised funds will be used to increase the number of startup employees, attract new customers, and marketing, David Lighton, co-founder and executive director of SendFriend, stated.
The startup was created at the Massachusetts Institute of Technology to support migrant workers from the Philippines who needed to transfer money to their homeland. This involves the XRP tokens and the Ripple xRapid payment system, created specifically for international transfers.
The XRP tokens are used as liquid funds for cross-border payments, allowing SendFriend to bypass banking systems and convert US dollars to XRP or Philippine pesos in a few seconds, according to the company's statement.
It is worth noting that the startup will set the commission, which will be 65% lower than the average within the international money transfer system.
As previously reported, Intercontinental Exchange (ICE) plans to invest from $20 to $25 million in its Bakkt crypto platform by the end of 2019.