- xRapid is live with three major business customers
- On demand liquidity eliminates the need for nostro accounts
- XRP is one of very few big winners in crypto in the last few months
In Ripple Insights this Monday, the team lays out recent progress for Ripple and XRP. Despite the 2018 bear market and XRP bleeding right alongside every other project for most of the year, the Ripple project continues its advance toward adoption by businesses the world over.
Ripple’s flagship product xRapid is now live, with MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union being the first of Ripple’s main business partners to make use of the service for cross border payments.
On Demand Liquidity
For large banks and other financial institutions, moving money across borders is still slow and costly – at least when compared to digital assets.
Through xRapid and the XRP token, Ripple is offering its customers very nearly instant conversions and transfers of funds between countries, without the need for nostro accounts – thus freeing up customers’ money without compromising liquidity.
Instead, liquidity is sourced through the near instant trade of XRP tokens on exchanges around the world.
It is telling of the potential of crypto and digital assets that the business partners Ripple has managed to secure for the launch of xRapid are solid contenders in their own fields – and how varied those fields are.
Cuallix focuses on remittances between the US and Mexico – mostly migrant workers sending small amounts of money back home to their families in Mexico. They can easily do this through banks, but Cuallix is able to offer better conversion rates and transfer speeds than the banks – especially through xRapid.
Catalyst Corporate Federal Credit Union serves more than 1,400 credit unions throughout the United States, and will use xRapid to create a new cross-border payment service.
Mercury FX is a global (fiat) money exchange specialist that sends and exchanges money all over the world.
They are very different financial institutions, but all are seeing their margins fatten and service quality go up through their partnerships with Ripple.
Banks are slowly beginning to take to Blockchain, but they are still dragging their feet on embracing cryptocurrencies and digital assets in their normal operations. Some will certainly try to implement their own – but they are starting to run out of time as adoption begins in earnest.