Leading crypto company Ripple announced on Thursday that it had joined Open Payments Coalition, along with 40 global companies and non-profit organizations. It will help drive innovation in the global payments segment and simplify payment systems for all. The company also asked its community members to check out PayID, the newly formed coalition’s universal payment identifier.
Together with over 40 global companies and nonprofits, Ripple joins the Open Payments Coalition to help drive innovation forward and simplify global payments for all. Discover the coalition’s #PayID, an exciting step for global interoperability. https://t.co/LU0WcxDftV
— Ripple (@Ripple) June 18, 2020
The 40 members of the coalition include industry leaders like Blockchain.com, Huobi Global, Crypto.com, etc. The Open Payments Coalition has a total user base of over 100 million, making it one of the largest payment coalitions in the crypto space. Ripple itself has partnered with over 200 banks and other financial institutions across the globe, which makes it one of the prominent members of the coalition. Speaking on the development, Ripple founder and CEO Brad Garlinghouse said that payments should be as simple as sending an email.
— Brad Garlinghouse (@bgarlinghouse) June 18, 2020
Ethan Beard, SVP of Xpring, a popular Ripple product said,
The coalition is organizing a virtual PayID Developer Conference to be held on June 25. Industry experts like Ripple CEO Gralinghouse and CTO David Schwartz will be speaking at the conference, and you will also get live demonstrations of the conference. Schwartz shared a Twitter thread on Thursday, talking about the multiple things PayID can do. He said PayID can provide human-readable payment addresses for crypto payments, a single destination for multiple crypto-fiat payments, allows crypto companies to meet regulations, etc.
PayID can do so many things, a thread:
— David Schwartz (@JoelKatz) June 18, 2020