Ripple’s XRapid will tie up with three cryptocurrency exchanges to help transactions between the United States of America, Mexico and Philippines. The new partnerships include- Bittrex, Bitso and Coins.ph.
How will XRapid help the transactions between the three countries with the help of the three exchanges?
Let’s take an example of a payment from the United States to Mexico. If Payments are to made from the US to Mexico, Bittrex will be used to convert the fiat to XRP so that payment is initiated using XRapid. The XRP is then settled over the XRP Ledger. Bitso which has a Mexican Peso liquidity pool will convert the XRP into fiat which will be settled into the receiver’s bank account.
The Chief Market Strategist at Ripple, Cory Johnson said-
“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. 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.”
A Twitter user by the name of ‘Joseph Schules’ said it perfectly in his reply to XRapid’s Product Manager Warren Paul Anderson’s welcome tweet to the three exchanges.
The table is being set. Ripple has all the right moves. #XRP
— JMS (@JosephSchules) August 16, 2018
Twitter user C3|Nik even mocked Coinbases’s rejection on XRP and how Ripple has an ample number of other exchanges it can be part of such as Bittrex.
Alright then, we go to Bittrex instead.
— C3|Nik (@C3_Nik) August 16, 2018
Ripple has already set an exceptional pace in achieving faster transactions at cheaper costs. It has already created quite an impression with the number of banks that prefer Ripples technology and has already competed against traditional banking methods such as SWIFT.
Author: Amrit Mirchandani