Ripple has signed on three new exchange partners–Bittrex, Bitso and Coins.ph–to carry the xRapid digital asset in their respective regions.
Dig this: As of right now @BittrexExchange, @Bitso and @coinsph are now official partners for xRapid transactions using #XRP. What does it mean? 👉https://t.co/BIVhkpgCM2
— Cory Johnson (@CoryTV) August 16, 2018
Bittrex, Bitso and Coins.ph
According to Ripple, Bittrex will now act as the preferred digital asset exchange for xRapid transactions in the U.S. Bitso, meanwhile, will be the preferred exchange in Mexico and Coins.ph will be favored in the Philippines.
Cory Johnson, chief market strategist at Ripple, 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. That makes today’s announcement an important development for xRapid.”
In May, Ripple announced that its first xRapid pilot saved financial institutions between 40 and 70 percent compared to what they usually pay to foreign exchange brokers. In the first pilot, xRapid payments took approximately two minutes to process, compared to today’s cross-border payment average of 48-72 hours.
Ripple Labs currently offers three different products to clients–xCurrent, xVia and xRapid.
xCurrent is Ripple’s enterprise software that enables banks to settle cross-border payments instantly with end-to-end tracking. xVia was made for banks, payment providers and financial institutions that want to send payments across various networks and use only one interface.
Ripple’s xRapid, meanwhile, is geared toward payment providers and financial institutions who seek to minimize their liquidity costs while improving customer experience. When payments emerge into the market, they often require pre-funded local currency accounts around the world–driving up liquidity costs.
xRapid is powered by Ripple’s XRP. XRP offers on-demand liquidity for financial institutions to dramatically lower costs and enables instant, real-time payments in emerging markets.
For xRapid to be successful, a healthy ecosystem of digital asset exchange partners is needed, and that’s exactly what was established by Ripple.
XRP, currently ranked #3 by market cap, is up 10.05% over the past 24 hours. XRP has a market cap of $12.92B with a 24 hour volume of $342.29M.
Chart by CryptoCompare
Cover Photo by Kelly Sikkema on Unsplash
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