Ripple’s cross-border payments platform xRapid has teamed up with three international exchanges to enable seamless payments on a global scale. As per the announcement made on August 16, 2018, on the official website, the blockchain-based remittance platform has joined forces with digital exchanges Bittrex, Bitso and Coins.ph, to foster quick payments from xRapid in USD, Mexican Pesos, and Philippine Pesos, respectively.
The news comes as a substantial positive amidst a time when crypto markets have shown a general bearish behavior.
xRapid to Spearhead International Payments
xRapid, the flagship cross-border transactions product by Ripple runs on the company’s own digital currency XRP. The crypto token has a lot of perks associated with it, like superior speed, low transaction, and liquidity costs and enhanced scalability capabilities. The collaboration with three digital exchanges around the globe opens a world of opportunities for xRapid, assuring quick process of converting the base currency into XRP and finally converting XRP into the preferred currency.
As a proof of concept, Ripple provided the following process flow for an outward payment from the U.S. to Mexico:
- A financial institution, which 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.
Cory Johnson, Chief Market Strategist at Ripple, believes that the announcement is a massive development for xRapid as the three exchanges, i.e., Bittrex, Bitso and Coins.ph are some of the biggest names in digital asset trading market in their respective countries.
“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”, says Ron Hose, CEO of Filipino digital exchange Coins.ph.
XRP’s Journey Till Now
XRP shot into prominence during last year’s crypto bull run when it established an all-time high valuation of $3.75. The third-largest cryptocurrency regarding market capitalization, XRP has since plummeted more than 92% and is now trading at a mere figure of 0.29 Cents.
However, all is not lost as Ripple continues expanding its business throughout the world. Blockchainreporter reported on August 16 that Ripple has its eyes dead set on the Chinese market for business expansion.