- goLance, an online freelance marketplace, is utilizing XRP to facilitate quick and efficient payments to freelancers globally.
- Through its partnership with RippleNet, goLance addresses payment delays and high transaction fees, offering seamless conversions between fiat and XRP.
Michael Brooks, CEO and founder of goLance, an innovative online freelance marketplace, has revealed how the platform is employing XRP, Ripple’s digital currency, to streamline and expedite payments to freelancers around the world.
Transforming Payment Solutions for Freelancers
In an insightful interview with Ripple, Brooks shared goLance’s commitment to resolving the unique payment challenges faced by freelancers globally. The platform, which is entirely composed of freelance workers, places a high emphasis on developing technologies and tools that facilitate efficient and timely payments to its users.
One of goLance’s strategic moves in this direction is its collaboration with RippleNet. This partnership allows the freelance platform to focus on underserved markets, where payment challenges are most pronounced, thus penetrating markets with high growth potential yet hindered by payment inefficiencies.
Leveraging XRP for Enhanced Payment Efficiency
A critical issue tackled by goLance, through its use of RippleNet, is the delay typically associated with payment processing. Brooks highlighted a real-world scenario where a freelancer in the Philippines, earning $50 a week, cannot afford a three-day delay in payment processing. Moreover, traditional payment systems often impose transaction fees ranging from 5-10% of their earnings, a significant burden for freelancers.
However, by incorporating RippleNet and leveraging the XRP Ledger (XRPL), goLance has effectively eliminated such transaction fees and circumvented traditional banking delays. Brooks elaborated on how payments sent through RippleNet can be converted from fiat to XRP and back to fiat in the recipient’s currency in mere seconds. This efficiency is particularly advantageous during weekends or non-banking days, enabling freelancers to access their earnings promptly for essential needs.
The Future of Freelancer Payments
Brooks summed up the benefits of this innovative payment system, emphasizing the value of working with a currency that is always accessible, unlike traditional banking systems that are limited by operational hours.
The adoption of XRP by goLance since 2020 marks a significant advancement in the freelance industry, showcasing how digital currencies can revolutionize payment systems, especially in cross-border transactions. This move not only enhances the financial inclusivity of freelancers worldwide but also sets a precedent for other platforms to follow, heralding a new era of efficient and cost-effective global payment solutions.
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