An international currency exchange provider, Mercury FX have shared that they’re implementing the technology offered by Ripple’s XRP, xRapid to expand to ten new payment corridors. Their plans for the Middle East and Canada, imminently. They think that xRapid and Ripple brings is access to new markets that perhaps aren’t actually accessible now.
Mercury FX ‘s (a Global currency exchange) CEO Alaistair Constance in a event in London appreciated the Ripple’s XRP-based xRapid payment solutions for its faster and low-cost cross-border transactions. He said: “we started to hear about blockchain technology it wasn’t a big leap of imagination to realize how perfect this evolutionary technology would fit with payments”.
Ripple XRP have successfully established collaboration with TransferGo supporting the XRP-powered xRapid use to connect with their clients in Europe. The CEO of TransferGo, Daumantas Dvilinskas explained, “We just launched our first xCurrent transactions from everywhere in Europe to India through a partnership with Axis Bank. Ripple helped us build and manage this relationship.”
XRP United has been launched as the first fully XRP-powered cryptocurrency exchange. The cryptocurrency exchange has been developed as a licensed and regulated company that claims to be a member of the XRP community. This indicates that Ripple company is emerging in the blockchain and cryptocurrency space as they also have launched other products such as xRapid.
The RippleNet has unveiled the xRapid aimed at transforming the way banks deal with international money transfers. The xRapid is live and is being adopted by various financial service companies including Catalyst Corporate Federal Credit Union, and MercuryFX. The product would use XRP cryptos for the transactions. The system is to operate as an alternative to the existing international money transfer platforms.
The remittance network Ripple is to launch xRapid payment network “within the next month.” The spokesperson, Sagar Sarbha explained, “We’ve been working on this product for the past two or three years and I am very confident that in the next month or so you will see some good news coming in where we launch the product live in production.”
Ripple has entered into an association with three exchanges namely Bittrex, Bits, and Coin.ph located in the U.S., Mexico, and Philippines for xRapid, cross-border payment solution. Ripple has revealed that the banks have saved 40%-70% brokerage charges trailing xRapid. The chief executive of Coins.ph expressed that the association would “make sending money home more affordable for 10 million+ overseas Filipino workers.”
InstaRem and BeeTech, the money transfer operators, have entered into an association with the Ripple. The companies intend to use xCurrent and xVia API of Ripple for processing real-time payments across borders. The Currencies Direct, a UK based company, exposed its successful international payment transfer experimented with the xRapid platform.
Ripple has declared the success in transferring money from the U.S. to Mexico through the xRapid service. The money is converted to XRP and transferred abroad. It is reported that the banks incurred expenses 40 and 70 percentages lesser than that paid for traditional foreign exchange providers. The traditional way also takes two to three days for cross-border transfers.
According to the report, Snoop Dogg will be invited to a VIP gathering hosted by Ripple named “XRP Community Night” in NYC on May 15th. Snoop will perform at the event. According to Ripple, the “special night” is organized to show gratitude towards those who are helping the company to develop XRP Ledger and xRapid Platform.