Michael Brooks, the CEO and founder of the online freelance marketplace goLance, has shared insights on how his company leverages XRP to facilitate rapid payments to freelancers worldwide.
In an exclusive interview with Ripple, Brooks unveiled goLance’s innovative use of XRP to enable seamless payments to freelancers on its platform via Ripple’s payment solution, RippleNet.
Brooks first highlighted that goLance, a platform entirely composed of freelancers, is dedicated to addressing the unique challenges freelance workers face globally. He stressed the company’s commitment to developing global technologies and tools that aid paying freelancers efficiently.
In the interview, Brooks detailed goLance’s strategic collaboration with RippleNet. He noted that the freelance platform focused on underserved corridors where payment challenges are most acute.
According to goLance’s CEO, their approach enabled them to penetrate markets with significant growth potential but plagued by payment difficulties. Notably, a key pain point addressed by goLance through RippleNet is the delay in payment processing.
Brooks illustrated the impact of the partnership by citing the example of a freelancer earning $50 a week in the Philippines. The goLance CEO emphasized that such a person cannot afford to wait three days to receive payment for services rendered.
Besides, he noted that conventional payment systems could consume 5-10% of such earnings in transaction fees.
“Would you like to pay five to ten percent of your salary just to the bank that sends you the money?” Brooks asked rhetorically.
Using XRP to Cut Fees and Delays
However, by working with RippleNet and leveraging the XRP Ledger (XRPL), goLance eliminates transaction fees and bypasses traditional banking delays.
Brooks explained that payments sent through RippleNet can convert from fiat to XRP and back to fiat in the recipient’s currency in seconds. He noted that the efficiency is especially beneficial during weekends when banks are closed.
In other words, freelancers can access their earnings promptly for essential needs like groceries. Ultimately, Brooks summed up the advantages of using RippleNet and XRP, stating:
“It’s the future to work with money that doesn’t sleep and doesn’t close the door when the banks do.”
It is worth mentioning that goLance has been a Ripple partner since 2020.
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