Ripple Labs XRP Xrapid

Twelve Companies Ready to Adopt Ripple’s xRapid Business Solution

· 05 Jan 2019 in 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.

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, 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.

Learn More

Want to learn more about Ripple? Read our guide to Ripple, Ripple Labs, and XRP, a breakdown necessary for any crypto investor. A search for Ripple on our site will bring up the latest XRP articles like coverage on a Ripple strategist claiming XRP is more used than BTC.

Interested in investing in Ripple? You’ll want to start with our XRP price prediction article and then go into our current Ripple technical analysis. (Always do your own research and read the site disclaimer). If you’re interested in buying Ripple, you can learn how to buy XRP on Binance, our suggested exchange for investors.

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