Disclaimer: The Author has no holdings in Ripple, and no relation to the IRBA.
Special gateways allow the movement of funds to and from Ripple. The gateway acts as an entry point to the Ripple ecosystem, allowing individuals to deposit their funds directly on the network. The IRBA has certified fifteen gateways, according to John Whelan, President of the Association. Whelan also added that they aim to double the number of approved gateways over the course of the next six months. Gateways can be used to move many things across the globe with minimal fees, including fiat currency, cryptocurrencies, and precious metals.
Certified members of the IRBA are allowed to post a badge on their gateway, indicating that they follow the best practices created by the Association. Member Gateways are required to disclose a great deal of information, including Corporate address, Business registration, contact details, KYC information, and declaration that the gateway follows all existing local laws and regulations.
Whelen currently serves as the President; Andrew White serves as Secretary, and Melissa Craig, interim CFO of LibraTax serves as Treasurer.
“What really matters is that IRBA helps the gateway become more transparent and do a better job of disclosing what is important to users,” Whelan told Ripple Labs. Whelan also added that their approaches to risk and disclosure are mutually beneficial.
“The IRBA as an organization is still small, but Ripple Labs has been helpful in supporting the Association as a thought partner,” Whelan said. It is important to note that the IRBA is a separate entity from Ripple Labs. The two groups have a close working relationship that can allow for mutual success.
By reopening the IRBA, the integrity of Ripple gateways can be reinforced as the Association will know exactly who operates each gateway, as well as how well they follow the best practices set forth by the organization.
In addition to certifying new gateways, the IRBA also hopes to help new businesses, and provide educational opportunities to businesses and individuals.
What do you think about the reopening of the IRBA? Comment below!
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Image one: Ripple