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It is being reported by AMB Crypto that PayPal is launching a new app for fast, cheap payments around the world. The app is called Xoom and if successful, could be a real competitor to the likes of Ripple (XRP).
It is unclear what technology the Xoom app is built on, but it will apparently offer service to 130 countries worldwide. The hope is to bring cheap, fast cross-border payments to customers across the globe. This is, however, exactly what Ripple has been attempting to offer.
What Xoom has in its favor is an already prebuilt user base as PayPal has customers already locked in across the globe. This new app merely brings a new degree of functionality to what the company already provided.
What this app may have going against it though, is a limitation on appeal to larger customers, like banks. Transaction size is limited to £8,800 pounds [$11,029], whereas Ripple has no predefined limit on transaction size.
It is also unclear if this service can actually provide speeds faster than Ripple and fees lower, but that is the apparent intention.
Will this new service unseat XRP? Or will it fizzle out as a failed attempt at remaining relevant? Stick with Chepicap for all updates!
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