Ripple’s xRapid payment solution will be to move between XRP (Ripple’s cyber-coin) and three foreign public currencies thanks to a newly Ripple’s partnership. Among them, there are U.S. dollars, Philippine pesos, and Mexican pesos.
U.S., Mexico and The Philippines – Ripple Is Expanding its Influence
On August 16, Ripple announced it had added three cyber-asset trading venues to its international payments settlement product xRapid. In particular, Ripple informed it is collaborating with such burses as Bittrex (U.S.), Bitso (Mexico), and Coins. Ph (The Philippines).
In an official statement, Ripple emphasized that the move will help financial entities which have an account with American Bittrex:
- Thus, they will be able to make payments via xRapid in dollars.
- The latter immediately changes currencies into XRP on the same platform.
- Consequently, the sum will be settled on the XRP Ledger.
- After that, it will go to Bitso where via the platform’s peso liquidity pool the amount will be put from XRP into public currency forthwith.
- At the final stage, the money will be settled into the whither-bank account.
What is xRapid?
Ripple has elaborated a liquidity solution for its real-time gross system, based on DLT. This solution has got the name xRapid. The system is created to further cross-border public currency remittances between financial entities.
Cory Johnson, the Ripple’s main market strategist underscored that the company had had some well-heeled xRapid pilots. Meanwhile, the transnational burse cooperators will help the project supply financial entities with convenience and guarantee of smooth transactions across borders.
Ripple intends to launch the solution finally later in 2018, and at present, it is out in beta-version.
A few months ago, financial entities which took part in the testing of xRapid claimed experimental transactions helped them save 40-70% of the expenses. Moreover, they noted the speed was much faster – from a couple of days it accelerated to a couple of minutes.