With the launch of Ripple’s xRapid solution imminent, the number of companies that are willing to use the payment solution is growing.
Recently, Sagar Sarbhai, the head of regulatory relations for the Middle East and Asia-Pacific told CNBC that he was confident that in the next month or so the xRapid product would launch.
xRapid solution
xRapid offers payment providers with low-cost liquidity by utilizing XRP as the bridge currency. It’s built for enterprise use and provides banks and payment providers with a reliable, scalable and highly efficient liquid option that helps service cross-border payments.
Last Month Ripple announced partnerships with three crypto exchanges; Bitso, Bittrex, and Coins.ph.
“Today, we’re pleased to announce Bittrex will act as the preferred digital asset exchange for xRapid transactions that move through US Dollars. Also, Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos, respectively.”
Another company that is already on board is Mercury FX a London based currency specialist that offers bank-beating exchange rates and low transaction fees. The firm recently completed a pilot test and was impressed by the raw speed of xRapid.
In a recent tweet, the company said:
“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.”
SBI Holdings new crypto exchange SBI Virtual Currencies is the other company that aims to join the xRapid ecosystem. Ripple will integrate the crypto exchange’s APIs in a way that allows xRapid users who are transferring money in and out of Japan to convert XRP to JPY and JPY to XRP instantly.
Cuallix a company that operates in Hong Kong, Mexico and USA have also joined the xRapid project. The company offers the unbanked in the three nations mentioned above a way to make international payments.
Finally, Zip Remit is the other company that recently announced it was on board. In a tweet made in March, the company offers plaudits to Ripple for the way they have revolutionized their business.
Also, the above seven companies are likely to be joined many more when the production of xRapid goes live.
Already, there are reports that MoneyGram, IDT Corporation and Cambridge Global Payments are piloting xRapid.
How does this affect Ripple’s price? Take a look at our XRP price prediction to see our thoughts.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology
