Ripple (XRP) enthusiasts have long been complaining that Ripple, the overseer of the altcoin finds more use cases for the cryptocoin, saying many of the partnerships sealed by the company were not in favour of XRP.
Now, Ripple (XRP) has danced to their tune. The blockchain company announced that xRapid, which is one of the most viable tools for cross-border payments, and majorly powered by XRP, has sealed a deal with three exchanges.
The decision is born of the fact that the success of xRapid depends on a healthy ecosystem of digital asset exchange partners across the world. These exchanges will give room for xRapid payments to be moved from one currency to XRP, and then into another as fast as possible.
In a release by Ripple, the blockchain technology indicated that Bittrex is going to act as the preferred digital asset exchange for xRapid. The exchange will cater for transactions performed through US Dollars.
Also, Bitso and Coins.ph are preferred for Mexican Pesos and Philippine Pesos respectively.
A statement by Cory Johnson, Chief Market Strategist at Ripple, “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Meanwhile the CEO of Coins.ph, Ron Hose said, “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers”.
So, below is what the company feels xRapid payment flow will look like from the U.S. to Mexico:
A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
The payment amount in XRP is settled over the XRP Ledger.
Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.