MoneyGram hit hard with no Ripple XRP, NFT’s put old biz exploitation on its head, Flare Spark Ratio
The first successes of Ripple’s xRapid system attracted new partners to the project: Bittrex, Bitso and Coins.Ph.
According to press release, published on August 16, Ripple was added at once by three cryptocurrency exchanges to their cross-platform payments system. The project began cooperation with American Bittrex, Mexican Bitso and Philippine Coins.Ph.
New partners allow Ripple’s xRapid payment solution to create transactions between XRP and dollars, Mexican and Philippine pesos. Ripple explained how the system works as follows:
«Someone, having an account, for example, in Bittrex, creates a request for payment in US dollars, for which xRapid will be used. The system instantly converts the amount into XRP on Bittrex. The XRP payment is matched against the actual Xrp rate, then, say, Bitso, through its Mexican peso liquidity pool, instantly converts XRP to fiat. The latter is accordingly matched to the destination bank account».
XRapid is a real-time solution to liquidity problems for a gross settlement system based on the Ripple blockchain. It was designed to facilitate international transfers of fiat funds between financial institutions..
Corey Johnson, Ripple’s spokesperson for the project’s promotion strategy, noted: «We have already gained sufficient experience in transferring various amounts via xRapid. As we improve the product, those companies with which we have already entered into partnership agreements will become a guarantor of comfortable working conditions and confidence that payments will be promptly transferred and converted.».
In the spring of 2018, financial institutions involved in a pilot project of the xRapid platform, which tested payments between the US and Mexico, reported transaction savings of 40–70%. In addition, participants noted an increase in transaction speed from 2–3 days to just over 2 minutes.
Earlier, we wrote about why Western Union does not see any benefit from the implementation of Ripple yet..
text: Evgeniya Likhodey, photo: official page Ripple on Facebook.com