$ 29,091.00 4.38%
$ 1,971.25 3.69%
$ 49.03 7.35%
$ 0.083362 4.05%
$ 7.68 4.37%
$ 1.36 4.51%
$ 0.000160 16.48%

SendFriend introduced in US: Cross-border payments to undergo metamorphosis

crypto 3569788 1280

SendFriend, a blockchain empowered payment platform used for sending money to the Philippines, is now set to transform the way people in the U.S transfer money to the Philippines.

Launching today in New Jersey, the futuristic company aims to make money remittance much faster, secure and cheaper for foreign Filipino workers.

One of the biggest industries in the U.S, cross-border payments in the country are long known to be dominated by large banks, guzzling down high transaction fees from users.

Last year, out of the six hundred and fifty billion dollars ($650 billion) worth of remittance was made to the Philippines, out of which, a whopping forty-five billion dollars ($45 billion) were consumed by conventional payment methods.

End of the banking monopoly

Striking down this billion-dollar industry monopolized by traditional banks, SendFriend plans on deploying Ripple’s xRapid, a blockchain-empowered solution to minimize transactional costs, for international remittances.

With an XRP-based solution that converts USD to XRP to Pesos in a matter of seconds, users can not only dodge the conventional banking systems and their exorbitant fees but also carry out transactions within seconds, as opposed to days. This takes the remittance technology platform to a new level altogether!

How SendFriend came into existence

SendFriend’s CEO David Lighton, realized the need for a secure and economical money transfer system during the Haiti earthquake in 2010. At that time over seven percent (7%) of financial aid was eaten up by banks.

His ground-breaking innovation SendFriend, received the prestigious MIT Legatum Fellowship award and regarded as the next big thing in money remittance sector. For the millions of overseas Filipino migrants in the US who overpay for inter-country money transfers, SendFriend certainly comes as a welcome change!

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Michael Saylor says market crash will benefit Bitcoin
Crypto exchanges are relisting LUNA after the crash
Terra admits to facing technical issues in resuming LUNA and UST transfer 
RoboApe could be valued over Dogecoin and other crypto-memes.

Follow Us

Industry News

eBay jumps into declining NFT business with Wayne Gretzky's help
Crypto crowd’s shocking prominence in Davos
Balenciaga U.S. stores to accept BTC and ETH starting June 2022
BTC Pizza Day is celebrated amid crypto crash
CV VC launches Africa-focused blockchain fund