Ripple-Backed Startup Launches Twitter-Based Payments System

Ripple-Backed Startup Launches Twitter-Based Payments System

Dharma, a crypto-banking solution, has launched a new system allowing Twitter users to accept payments in US dollars.

The move aims to help clients receive alerts and micropayments for free.

The platform said the funds deposited in the wallet receive annual percentage rate of 3.6 percent.

“Introducing social payments – a Twitter-native financial ecosystem. Today, you can send USD to any Twitter handle, regardless of where that person lives — even if they don’t have a Dharma account. Now every Twitter handle accepts (and earns interest on!) payments.”

The company indicated that clients should first deposit funds into their Dharma wallet to transfer money to a Twitter user.

To designate the funds, a user should enter the Twitter handle of the recipient in the app. This will trigger an automated tweet informing the recipient that he got money.

There is a link in the tweet which the recipients should click to create a Dharma account in order to accept the payment.

Dharma has received secured funding from some crypto firms. In February 2019, Ripple, Coinbase Ventures, Polychain Capital and others completed a $7-million round for the peer-to-peer platform.

Ripple: Rising XRP liquidity lures strong institutions

Institutional traders are adding more liquidity to Ripple’s XRP-powered payment app, On-Demand Liquidity (ODL), said VP Breanne Madigan.

She added that XRP liquidity is ODL’s lifeblood as it decreases the risk and cost of each cross-border payment transaction.

“The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors – in spite of the recent market turbulence surrounding the COVID pandemic.”

By using the product, Mexico’s largest crypto exchange Bitso has expended its business, raising its XRP / peso volume significantly.

The company is currently handling 2.5 percent of remittance transactions from the US to Mexico, which is considered a breakthrough attributed to the company’s partnership with Ripple.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.