Ripple; which is one of the fastest growing remittance and payment startups has chosen three crypto exchanges to facilitate in its xRapid program. This is basically a cross-border solution of payment that is designed for banking institutions that apply the XRP cryptocurrency.
The Chosen Companies
In an announcement that was made on 15th August 2018, the company named Coin.Ph of The Philippines, Bits of Mexico and the United States of America’s Bittrex as its chosen crypto exchange to solidify its xRapid program. In this ecosystem, Ripple’s native coin, XRP would be used to facilitate the flows of payment between international banks.
In the statement, Ripple went further to explained that the chosen exchanges would enable xRapid payments to be transferred from one currency into the XRP crypto and then back to another currency. This would be done in an efficient and fast manner.
The three crypto exchange platforms will particularly assist the flows of payment using the XRP currency between Philippine Pesos, Mexican Pesos and the American dollars.
How it Will Happen
Instead of using xRapid, global financial institutions have opted to use another product in the market known as the xCurrent. This is basically enterprise blockchain software that uses Ripplenet to power payments and other financial settlements. xCurrent, however, works without using the XRP currency.
Comfort & Assurance in the Payments Market
Working with these three exchange partners would enable the company to offer financial bodies with assurance and comfort that their payments will move between different currencies in a seamless manner.
In the pilot, one thing became apparent, and that was the fact that xRapid can be used to transfer international money transfers just within seconds.
All the operations were summarized just within minutes, a clear indication that this is the future of international money transfer. The market is changing fast, but xRapid by Ripple is definitely here to stay.