This article was first published on Insights – Ripple
Global freelance marketplace goLance has no full-time employees. Instead the company is run by freelancers hired through its platform and CEO Michael Brooks spends a lot of time flying around the world meeting them along with other entrepreneurs who find work through the service. This gives him a unique insight into the needs of his customers and the importance of the faster, cheaper payments Ripple has enabled.
“I get on planes to places like the Philippines and meet these people face-to-face,” explains Brooks. “That’s helped me see first-hand why freelancers are hyper-sensitive about the cost and time it takes to be paid. RippleNet’s On-Demand Liquidity gives us the ability to make hyper-efficient, low-cost payments that make our customers happy and drive growth for our business.”
With more than 500,000 freelancers on its platform, goLance makes well-paid professional jobs and sustainable sources of income more accessible to talented people in the developing world. But growing these new communities comes with challenges, particularly the high costs and long processing times of traditional cross-border payment services.
“Our freelancers have a real appetite for hard work and delivering results for clients,” says Brooks. “But they also need to be paid on time so they can feed their families and send their kids to school. Arranging fast payments from one side of the world to another using multiple currencies and processes isn’t straightforward.”
Having written two books on electronic payments and digital assets, Brooks understood blockchain’s transformative potential for cross-border payments, especially at the lower value amounts earned by freelance workers in places like Mexico and the Philippines. Finding the right solution to get money to people faster with lower fees became a key business strategy for goLance.
“The traditional way of sending money to other countries is a wire transfer that moves ...
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