Ripple is doing great these days, and the number of companies that teamed up with it to use its xRapid product increased again. xRapid is Ripple’s payment solution that’s powered by XRP.
Ripple created xRapid to offer financial institution a real-time settlement solution that uses the company’s digital asset in order to increase the liquidity and speed of cross-border payments.
Chris Larsen, one of Ripple’s co-founders, has recently described how Ripple’s technology can be used to achieve this and he used an example of sending a cross-border payment from the USA to Mexico.
Ripple has seven MVPs that are ready to use xRapid
Oracle Times reports that the latest partners who are prepared to use Ripple’s XRP-powered solution xRapid are exchanges Bitso, Bittrex, 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,” Oracle Times reported.
SBI’s new crypto exchange SBI Virtual Currencies is also going to use xRapid for its cross-border payments.
The other companies that will do the same include Cuallix which operates in the USA, Mexico and Hong Kong and aims to provide the unbanked with ways to make international payments, Zip Remit, the Canadian cross-border payments company that has been a strong supporter of XRP for quite a while.
More companies are officially piloting xRapid, including IDT corporation, MoneyGram and Cambridge Global Payments.
Modern Wall Street Roundtable
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XRP to become the future of payments
Experts even see XRP as the future of payments instead of Bitcoin, according to OracleTimes:
“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 in October.