It seems that the number of the companies embarking on Ripple’s board to use their XRP-powered payment solution xRapid continues to grow.
The company has created xRapid to provide financial institutions with a real-time settlement solution that uses the digital asset XRP to enhance the speed and liquidity of cross-border payments.
One of Ripple’s co-founders Chris Larsen has recently described the ways in which the tech can be used, and he described a cross-border payment sent from the U.S. to Mexico as an example.
The latest partners that are ready to use Ripple’s product are crypto exchanges Bittrex, Bitso, and Coins.ph.
They will be enjoying instant cross-border payments with the lowest possible fees.
Mercury FX is also on board, after recently completing a pilot test and calling the raw speed of xRapid “unbelievable.”
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
SBI’s new crypto exchange SBI Virtual Currencies also plans to use xRapid for cross-border payments.
Cuallix is a company that operates in the U.S., Mexico and Hong Kong and it provides the unbanked a great way to make international payments.
They are also preparing to go into production. Zip Remit is a Canadian cross-border payments company that has been supporting XRP for a long time, and they are also on board.
More companies are officially piloting xRapid, including IDT corporation, MoneyGram and Cambridge Global Payments.
Western Union recently revealed that its pilot of xRapid did not save the company money or time and Ripple responded by saying that these results have shown that smaller financial institutions and startups are more likely to benefit from Ripple’s tech for the moment.
Experts even see XRP as the future of payments instead of Bitcoin: “There are some cryptos that are working with regulators. Ripple would be an example. I can imagine in the next five years instead of doing sterling against the dollar or sterling against the yen; I can see these transfer transactions with sterling versus Ripple.”
xRapid could be launched as early as the next month.
More people than ever used cryptocurrencies in 2018, and at BitStarz, Bitcoin, Ethereum, Dogecoin, Bitcoin Cash and Litecoin wagering went through the roof! One player won $206,551 on a single Book of Aztec spin. Maybe not enough to make Satoshi Nakamoto jealous, but nevertheless a super win!
The company has created xRapid to provide […]
From observing the behaviour of ‘ leavers ‘ and ‘ remainers ‘ since the EU referendum in 2016, I have… Read More
Prominent investors believe bitcoin price will consolidate before moving higher. | Source: Shutterstock Since July 10, within two weeks, the… Read More
Index funds have become hugely popular, and they account for a large following in 401(k)-style retirement plans. They're also reliant… Read More
Those who have been involved in cryptocurrency for some time now will have come across numerous scams. Some of these… Read More
In the midst of many controversies surrounding crypto, there’s light at the end of the tunnel when stalwarts like #MetaHash… Read More
Jamie Dimon, the CEO of J.P. Morgan Chase, recently stated, “To put it in perspective, we’ve been talking about blockchain… Read More