From the aspect of things, members of the Ripple community should have a reason to smile while the cryptocurrency and blockchain technology managed to add three virtual exchanges to their settlements cross-border, according to a press release issued yesterday.
According to the press release, Ripple decided to partner with the US-based company, Bittrex, Philippine's Coins.PH virtual currency exchange platform, and the Mexican Bitso in light of its mission to create a productive ecosystem of the trade of virtual goods.
The new partners will facilitate the cross-border payment product of Ripple, xRapid, to easily move between US dollar, Philippine peso, Mexican pesos and XRP. According to the Ripple laboratories, the operating principle will work this way:
"A financial institution (FI) holding an account with Bittrex would initiate an agreement using US dollars through xRapid, which in turn instantly converts the default currency of Ripple In Bittrex, the amount of the settlement in XRP is settled through the XRP register, so Bitso, through its pool of Mexican liquidity, quickly converts the XRP into fiat currency, which is then settled or transferred to the bank account of destination. "
xRapid is the international regulation product Ripple that minimizes liquidity costs. Be powered by transaction speed, scalability, and reduced costs of the default Ripple XRP currency. Although xRapid can be efficient, for it to be most effective, a healthy and vibrant ecosystem of trade and virtual currency partnerships around the world is needed. These cryptographic exchanges allow xRapids to convert from one currency to the Ripple XRP and return to a different currency efficiently and quickly.
Many cryptographic experts see xRapid as a liquidity response to the block-based instantaneous settlement of the Ripple (XRP) platform, which was created to simplify legal tender transfers between banks and financial institutions. In the words of Cory Johnson, Ripple & # 39; s Chief, marketing Strategist:
"We have already seen many successful xRapid pilots 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 certainty that their payments will move seamlessly between different currencies. "
At the time of writing, we at GlobalCoinReport are pleased to inform the world that Bittrex will act as an ideal virtual currency exchange of xRapid settlements that move through US dollars. In addition, Coins.ph and Bitso will also be recommended for Philippine Pesos and Mexican Pesos.
For those wondering what the flow of xRapid settlements will be, do not worry anymore. A stream of xRapid payments from the US to Mexico will look like this:
- A & # 39; financial entity or an account holder with Bittrex will initiate a US dollar transfer using xRapid as a medium of exchange, which in turn converting Ripple's XPP to the Bittrex platform.
- The amount of settlement in Ripple's XRP is then cleaned up by the Ripple XRP register.
- Through the Mexican Peso liquidity pool, Bitso will immediately convert the XRP currency into fiat currency, which is then settled and transferred to the destination bank account.
According to Cory Johnson, Ripple's Chief Market Strategist, Bittrex is one of the most significant names in the exchange of virtual currencies in the United States. The same goes for Coins.ph in the Philippines and Bitso in the South American county of Mexico, and it's an exciting time to work with them.
In May, financial institutions and banks that took part in the xRapid program The atform pilot, who managed to test the settlements between the two countries, being Mexico and the United States, reported having saved around 40-70% of the transaction cost they were used to. In addition, the institutions that participated celebrated the reduction of transaction speeds from 21 to 3 days to a few minutes.
With these partners on board, Ripple (XRP) seems to be on the right track and a confident trend seems imminent.
For the latest cryptocurrency news, subscribe to our Telegram!
Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Kendall Ruth on Unsplash