Categories: Ripple

Ripple Signs Three Crypto Exchanges to Underpin xRapid Transactions

Click here to view original web page at www.financemagnates.com

Ripple, San Francisco-based provider of blockchain solutions for payments, has signed three crypto exchanges to establish the ecosystem of its flagship product xRapid, which allows firms to source on-demand liquidity product aimed mainly at institutions that have business in emerging markets.

Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.

Whoa! London Summit's new site is LIVE

According to the company statement, Bittrex will act as the preferred exchange for xRapid transactions in U.S. Dollars. In addition, xRapid will tap Bitso and Coins.ph to facilitate transactions in Mexican Pesos and Philippine Pesos, respectively.

Money would be sent into the xRapid system, converted into XRP to move it through Ripple’s product faster, then be converted back into whatever currency is required at the other end.

Suggested articles

Qravity ICO Presale Goes Live – Everything You Need to KnowGo to article >>

“1. A financial institution, that has an account with Bittrex, initiates a payment in U.S. dollars via xRapid which is instantly converted into XRP on Bittrex. 2. The payment amount in XRP is settled over the XRP Ledger. 3. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account,” Ripple further explains the process.

Although Ripple is regularly grouped together with other cryptocurrencies, its purpose is different ‎as it also operates a ‎decentralized payment settlement solution for banks and financial institutions that is fast and ‎scalable.‎

Payments into emerging markets often require pre-funded local currency accounts around the world, meaning liquidity costs are high, Ripple explains on its website. Because xRapid has a much shorter transaction time, there have been major companies testing the product such as Western Union and Moneygram, but none have committed to it fully.

Earlier in May, Ripple revealed some results from the first pilot for xRapid. The company said financial institutions using the service paid between 40 and 70 percent less than they usually pay traditional foreign exchange providers for the same service. Also, transactions with xRapid took minutes, while the average cross-border transfer using traditional means takes 2-3 days.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Overstock Will Champion Crypto Despite Cheerleader Byrne’s Exit

Overstock will continue its crypto and blockchain-centric focus despite Patrick Byrne's exit. | Source: YouTube By CCN Markets : Online… Read More

5 hours ago

59-Year-Old Fjällräven Evolves Retail Landscape by Using Blockchain-Based Cryptocurrency for Back-to-School

BOULDER, Colo. (August 22, 2019) — As brands seek ways to engage new, digital-native communities, Fjällräven, the Swedish heritage outdoor… Read More

5 hours ago

Refining The Travel Industry Through Blockchain

If you have travelled before, then you are aware of the myriads of companies that would be involved in a… Read More

5 hours ago

NBA & Blockchain: glimpse of the future?

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well,… Read More

5 hours ago

CNBC Analyst Explains Why He is Bearish on Bitcoin

Share Tweet Send Share Earlier this week CNBC Fast Money host Brian Kelly said he is short-term bearish on Bitcoin… Read More

5 hours ago

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More