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More Than 20 Financial Companies Are Already Using XRP’s Powered xRapid Product

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

There are already 20 companies that are using XRP-based xRapid product developed by Ripple Labs. This is according to Ripple’s global head of banking Marjan Delatinne that informed this during an interview with Global Trader Review published on July 3. 

Ripple Has 20 Clients Using xRapid

Ripple is a financial company that aims at providing financial institutions and banks with services to reduce costs and make transactions faster and cheaper. One of the different products developed by Ripple is xRapid. With it, companies can leverage the XRP digital asset to have liquidity on demand. 

The xRapid product is especially useful in countries or regions that have slow remittances or transfers and where is more expensive to process these transactions. 

According to Delatinne, there are already 20 financial institutions around the world using the xRapid service. On the matter, she commented:

“When talking with banks, we still have to ensure that they understand that using this product is not around keeping XRP on their balance sheets. That’s very important for the banks to understand because they would otherwise have to report that to the regulators.”

She went on saying that they have a lot of educational work to do for banks to understand that they would not have to hold the XRP digital asset, the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). By using the XRP digital asset, a financial institution purchases the virtual currency in a local exchange, sends the funds to another country where the XRP funds are exchanged for the local fiat currency. 

This is very important for firms because it helps reduce the costs of sending funds to another jurisdiction and it makes transactions faster. 

“That’s really the driver: being able to source on-demand liquidity and providing a real-time experience in terms of cross-border payments,” she mentioned. “For some difficult corridors, for instance, the Mexican peso and Philippine peso, a transaction currently takes three to four days because the underlying process is still archaic.”

There are 13 companies that have publicly mentioned that are using or plan to use the xRapid product, including Euro Exim Bank, Bittrex, Bitso, Bitstamp, Cuallix, SendFriend, Bitrue and many others. Moreover, Ripple has partnered with over 200 companies that are currently working on top of the RippleNet. 

At the time of writing this article, XRP has a market capitalization of $16.99 billion and a price per coin of $0.399.

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