Ripple Celebrates Having 7 MVPs Ready To Use xRapid, XRP-Powered Payment Solution
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.
Seven Ripple partners are ready to use xRapid
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.
Ripple’s tech fits best smaller financial institutions
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.
Modern Wall Street Roundtable
Full Video in First reply pic.twitter.com/Ot3Oi8N01l
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) September 24, 2018
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.
Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.