Ripple Enjoys 20 xRapid Customers – XRP Volume Rises
2019 has been an excellent year for Ripple and for its products.
The San Francisco-based company hasbeen boosting the entire XRP ecosystem as well, and the only thing missing is the coin, XRP, mirroring all the important achievements marked by the company.
Ripple is focused on getting new xRapid customers
Ripple is enjoying another success these days. Senior Vice President of Product Asheesh Birla said that the startup is currently focused on getting its new xRapid customers up and running.
The company said that its onboarding 20 financial institutions that have already signed up to use the payment solution, xRapid. As you already know, this uses XRP in order to move money around the globe.
Ripple and MoneyGram is the latest entity that implemented the tech and reports that they are already using the crypto-based funds’ transfer system.
Since the partnership with MoneyGram, the XRP market in Bitso (Mexico) has been steadily growing. This implies the increase in xRapid payment volume. It will also atttract more market makers to the market and let them buy XRP. 🐓🔄🥚#XRP #xRapid pic.twitter.com/l1ATXbQiIL
— てにったー (@tenitoshi) August 5, 2019
According to Birla, xRapid will one day connect to the ILP which is designed to settle payment between digital assets and fiat currency.
170% rise in xRapid volume
In its Q2 XRP Markets Report, Ripple reported a 170% rise in xRapid volume over the previous quarter.
“Q2 saw the highest number of customer transactions on RippleNet. In fact, the number of xRapid transactions increased 170% from Q1 to Q2, and Ripple had a 30% increase in the number of live xRapid partners in Q2. Ripple anticipates this momentum in transaction volume to continue as more partners and customers go live.”
It functions as a ilp connector but not specifically one today. It’s something we want to look at in early next year but we have our hands full with xrapid customers right now so focused on that.
— Asheesh Birla (@ashgoblue) August 5, 2019
So far, Birla says xRapid is up and running in two countries, with more in the works.
“It’s available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations which we will be announcing in hopefully short order here,” he said.
It’s also worth noting that the XRP market in Mexico has been growing.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.