The number of firms using Ripple’s xRapid solution is growing around the world. According to Daily Hodl, there are 12 different companies that are now working with or planning to implement xRapid. Ripple Labs is a company that allows banks and financial companies to perform cross-border transactions reducing costs and times.
xRapid Expands Among Financial Companies
It seems that there are several companies interesting in improving their cross-border payments. In a recent Ask-me-Anything, Brad Garlinghouse, the CEO of Ripple, commented that there are some firms already working with xRapid. These companies are Bittrex, Bitso, Coins.ph and Bitstamp. Apparently, the intention is to boost payments between the United States and the Philippines and the United States and Mexico.
At the same time, there are other platforms such as Cuallix, Mercury FX and Catalyst Corporate Federal Credit Union that are planning to use xRapid. These firms want to improve the services provided to their customers at the time of performing cross-border payments.
As mentioned by Daily Hodl, there are other companies that are also announced their plan to start implementing xRapid in the future. We are talking about SBI Virtual Currencies, IDT; Viamericas, SendFriend and Bitrue.
The so-called xRapid product has been released to the market back in October 2018. This product allows institutions or financial companies to send and receive payments in a very easy way. Specifically, those firms dealing with cross-border payments would be benefited from this product.
Ripple commented about this product:
“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.”
xRapid has also been created in order to support the XRP digital currency. Using XRP, those parties using xRapid can reduce transaction costs and times even further. Although the companies do not have to hold XRP to perform these transactions, using them would make things much more efficient.
According to Chris Larsen, Ripple’s Chairman said that Ripple will be using XRP and power payments around the world. He went on saying that xRapid is a component of the RippleNet and that it will allow partners to reduce the cost and liquidity for their global payments.
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