The cryptocurrency market has been volatile in recent times, with regulatory uncertainty casting a shadow over the industry. As a result, some blockchain companies in the US are migrating to international markets with a friendlier regulatory environment. Ripple Labs, a leading blockchain payment company, has been tapping into growth opportunities in international markets. According to the company’s CEO, Brad Garlinghouse, Ripple may move out of the American market if the ongoing lawsuit against the company’s XRP cryptocurrency is unsuccessful. Ripple has been collaborating with various central banks, including those in the EU, to develop Central Bank Digital Currencies (CBDCs).
In 2021, Ripple partnered with Pyypl, an international blockchain-based financial services technology company focused on the Middle East and African market, to promote the adoption of On-Demand Liquidity (ODL) in these regions. During the partnership announcement, Pyypl had only rolled out ODL services in the Philippines but expressed plans to expand to other emerging markets.
Fast forward to 2023, Pyypl has announced the commercial rollout of its social, micro-investment platform for self-employed entrepreneurs and micro-Small and Medium Enterprises (SMEs) in Africa, starting with Kenya. The Pyypl initiative will be rolled out via an initial partnership with the Kenya Tuk Tuk Operators Network (TTON), a pan-African mobility network that connects Tuk Tuk operators across 47 counties.
Antti Arponen, CEO of Pyypl, expressed his pride in the partnership and the opportunity to provide short-term, fair and transparent investment opportunities to TTON members across Africa. He noted that community groups represented the core of Kenyan society, including taxi drivers, delivery riders, farmers, and Tuk Tuk and Boda Boda riders. With over 126,000 TTON members representing more than 1.6 million Boda Boda operators in Kenya, there is a huge opportunity for Pyypl’s debentures platform as they expand partnerships across multiple African countries.
The partnership was warmly welcomed by the Kenyan Tuk Tuk community, who believe the initiative will significantly increase their financial literacy and future prospects. Additionally, digitization of payments and banking will be possible to roll out among many unbanked Tuk Tuk and taxi drivers in the Kenyan market.
Vincent M Were, Network Lead for TTON, expressed appreciation for Pyypl and their services, noting that access to debentures via the connection with Pyypl had opened a new window of opportunity for the transport ecosystem. He added that partnerships like the one between Pyypl and TTON were critical to meeting their most significant financial needs in service delivery.
Eventually, the Kenyan Tuk Tuk community will have access to Ripple products, including XRP, the native digital token for ODL and RippleNet products. Ripple’s partnership with Pyypl has significantly boosted the adoption of ODL in markets like the Philippines and potentially in the African market.
As the cryptocurrency market continues to evolve, with regulatory concerns looming, blockchain companies will continue to seek growth opportunities in friendlier markets like Africa. Ripple’s partnership with Pyypl signals a shift in focus to potential revenue growth prospects and expansion into multiple regions. The future looks promising for the blockchain payment giant, and it will be exciting to see how it impacts the Kenyan and African market in the coming years.