The adoption of XRP improves the 27 confirmed companies that will start to use Ripple's digital asset – 13 companies use xRapid
Ripple has appreciated the adoption of its products including XRP and XRapid XRP-powered for advanced cross-border payments.
Now, the latest reports show that 27 companies are using XRP at the moment or as a way to accept payments or to feed international remittances.
In addition, out of 27 companies, a total of 13 companies are adopting Ripple xRapid payment software that is designed to use XRP to transfer money across borders.
Euro Exim Bank is the latest addition
The latest addition is Euro Exim Bank, which plans to use technology to feed payments in 80 countries. The back is very important because it has highlighted that Ripple's technology is the future.
Euro Exim Bank is the first bank to use xRapid and is proudly exploring the partnership with Ripple.
They joined RippleNet to provide customers with frictionless experiences to send cross-border payments.
"Working in collaboration with Ripple and selected counterparts, we are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] exploiting its vast technological capabilities and blockchain expertise in trading systems. "
Euro Exim Bank abandoned the SWIFT network to ride the wave of innovation with Ripple products, and the main reason was that they lost a transaction on SWIFT.
13 companies use xRapid
Here are the 13 companies that use xRapid.
- Euro Exim Bank
- Mercury FX
- SBI Virtual currencies
Ripple launched xRapid for commercial production in October 2018 and the company highlighted its use case as a regulatory complaint to use cryptography to send payments across borders.
In addition to these early xRapid adopters, here are 14 other companies that use XRP as a form of payment or to improve their platforms to move money globally.
- Arrington Capital
- XRP Tip Bot
At present, around 200 banks and financial institutions have joined RippleNet, and Brad Garlignhous predicts that more banks will be using XRP soon.