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The three exchanges will use Ripple's xRapid solution for easy money transfer between Mexican pesos, US dollars and Phillippines pesos.
Although Ripple (XRP) has gone through a difficult period in the cryptography market from the start of this year, with a price drop of over 90%, it has not prevented the company from making significant progress in the field of financial payments. Ripple Labs has tight links with banking institutions across Europe, Asia and the UAE markets. In addition, many online payment services and gateways are working to integrate Ripple's low-cost instant payment solutions.
Thursday, August 16th, Ripple announced that it has collaborated with three cryptocurrency exchanges to further push its crossover xRapid payment payment solution. In his official press release, Ripple notes that he has partnered with three different cryptocurrency exchanges: the Mexican Bitso, Bittrex based in the USA and Coins.ph based in Phillippines for the development of a "healthy" currency exchange ecosystem digital.
As part of this collaboration, the three exchanges will use Ripple's xRapid solution for easy money transfer between Mexican pesos, US dollars and Phillippines pesos. Ripple explained:
"A financial institution (FI) that has an account with Bittrex would initiate a payment in US dollars via xRapid, which instantly converts to XRP on Bittrex.The amount of the payment in XRP is set on the register XRP, then Bitso, through its pool of Mexican liquidity, instantly converts the XRP into fiat, which is then deposited in the destination bank account. "
xRapid is a blockchain based on XRP. solution developed by Ripple for instant real-time settlement in order to facilitate transfers of international fiat between global financial institutions. Ripple CEO Chief Market Strategist Cory Johnson said:
"We have already seen many successful xRapid pilots and as we move the product from beta to production by the end of the year, these exchange partners will allow us to provide financial institutions with the comfort and guarantee that their payments will move seamlessly between different currencies. "
Jhonson notes that one of the main reasons for linking with these three exchanges is that they provide a lot of cash to the XRP tokens, and this partnership will help to increase it further. He explained:
"The corridors we focus on [are] organic … we want to concentrate on crowded corridors." We want to focus on places where there is a very lively XRP market, and we want to focus on places where we can have more value. "
Ripple Eyes China for a further expansion
Although China has remained opposed to the cryptography market since last a year, the company has been the spearhead in the blockchain technology that holds the maximum number of patents in this space. Further venturing into Southeast Asian nations, Ripple is now looking at the Chinese market.
While talking to CNBC, Ripple's vice president of strategic accounts for the EU, Jeremy Lights said:
"China is certainly a country and a region of interest."
The advantage that Ripple holds compared to other cryptographic companies is that it has other blockchain-based payment solutions that do not involve the use of XRP tokens such as Ripple & # 39; s xCurrent solution. As a result, the company does not look to isolate the Ripple brand from the XRP.
However, Ripple's competition in the Chinese market will not come so easily as there is also intense competition from local players. Tencent, the parent company of WeChat, the most popular messaging app in China, is working with the Shenzhen tax authorities to develop a blockchain-based payment solution across the country.
However, Ripple can still make room for itself as most of its payment solutions are designed to facilitate international money transfers.
