Forget About SWIFT & Fiat – Mercury FX, To Move Millions OF Dollars Via XRP-Powered xRapid

A while ago, Ripple’s partner Mercury FX announced that they made their largest payment ever using XRP-powered xRapid.

Mercury FX sent $4,552.41 from the UK to Mexico and revealed that Mustard Foods from the UK was able to save 31 hours and over $100 with this transaction.

Mustard Foods is the food production company that supplies more than 500 restaurants in the UK and Europe.

After the successful transactions, the company said that there would be more significant amounts moved on the future. Now, they highlight the fact that the plan is still on.

“Rather than see cryptos and blockchain technology as a threat, we have for some time been looking at the optimal ways to embrace and integrate said technologies,” they said.

Say goodbye to SWIFT and fiat currencies

Mercury FX also brought up SWIFT and said that the network and fiat money would eventually be replaced: “We believe that the more established blockchains will eventually replace the SWIFT network alongside other, frankly, clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually…”

Mercury FX’s plans also include testing a payment corridor between Mexico and Philipines with the primary goal of bringing unconnected markets in aboard in the global finance.

Euro Exim Bank has already ditched SWIFT after they lost a transaction on the network. This was also one of the main reasons for which they chose Ripple’s innovative solutions.

Ripple’s latest report brings good news

Ripple’s new report shows how much XRP has Ripple been selling and the figures are more than impressive.

They show a considerable increase in the number of institutional names that are buying Ripple’s XRP.

“In Q4, we saw an overall settling of XRP volatility compared to quarters’ past. XRP’s volatility of daily returns was 5 percent – the lowest quarterly average since Q4 2016. Conversely, we saw the average daily volume for XRP increase substantially. The average XRP daily volume was $595.7M – the highest quarterly average since Q1 2018,” according to the new report.

More than that, Ripple’s XRP got listed on 30 new crypto exchanges.

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