In an exclusive interview with Ripple, goLance CEO and founder Michael Brooks shared insights into the strategic use of XRP to facilitate rapid payments for freelancers worldwide. The online freelance marketplace, composed of freelancers, has been a Ripple partner since 2020, emphasizing its commitment to addressing the unique global challenges freelance workers face.
Addressing Freelancer Payment Challenges
Brooks highlighted goLance’s dedication to developing global technologies and tools to pay freelancers efficiently. The platform has strategically collaborated with RippleNet to focus on underserved corridors where payment challenges are most acute. By targeting markets with significant growth potential but plagued by payment difficulties, goLance aims to revolutionize the freelancer payment landscape.
The partnership with RippleNet addresses a critical pain point: the delay in payment processing. Brooks illustrated the transformative impact by citing the example of a freelancer in the Philippines earning $50 a week. Waiting three days for payment through conventional methods is untenable for individuals facing immediate financial needs, such as groceries.
Cutting Transaction Fees and Accelerating Transactions with XRP
To tackle this issue, goLance leverages the XRP Ledger (XRPL) through RippleNet, effectively eliminating transaction fees and bypassing traditional banking delays. Payments sent through RippleNet can swiftly convert from fiat to XRP and back to fiat in the recipient’s currency within seconds. This efficiency is particularly advantageous during weekends when traditional banks are closed, allowing freelancers to access their earnings promptly.
Brooks emphasized the financial impact of conventional payment systems, stating, “Would you like to pay five to ten percent of your salary just to the bank that sends you the money?” The use of XRP provides a solution that aligns with the future of finance, allowing individuals to work with currency that operates 24/7 without the limitations of traditional banking hours.
Looking Ahead: The Future of Swift, Borderless Payments
Summing up the advantages of leveraging RippleNet and XRP, Brooks asserted, “It’s the future to work with money that doesn’t sleep and doesn’t close the door when the banks do.” This forward-looking approach positions goLance at the forefront of transforming freelancer payments, offering a seamless and efficient solution that resonates with the evolving dynamics of the gig economy.