News Ripple’s xRapid Teams Up With Three New Exchanges: Bittrex,...

Ripple’s xRapid Teams Up With Three New Exchanges: Bittrex, Bitso, And


- Advertisment -

xRapid is Ripple’s cross-border payments product that minimizes liquidity costs, and it’s powered by high speeds, low transactions costs, and it also boasts high scalability of the token XRP.

In order to xRapid to become more successful, there has to be a healthy ecosystem of digital asset exchange partners around the world.

Such exchanges will allow xRapid payments to move from one currency to XRP and vice versa as quickly and efficiently possible.

Ripple announces three new partners

Ripple announced on their blog that Bittrex would be acting as the preferred digital asset exchange for xRapid transactions that move via US dollars.

Ripple’s xRapid Teams Up With Three New Exchanges: Bittrex, Bitso, And

Besides this, Bitso and will become the preferred for Mexican Pesos and Philipines Pesos.

Ripple also presents the exact flow of an xRapid payment from the U.S. to Mexico:

  • A financial institution with an account on Bittrex will start a payment in US dollars via xRapid, and this will be instantly converted into XRP on Bittrex.
  • The payment amount in XRP will be settled over the XRP Ledger.
  • Bitso will instantly convert the XRP into fiat currency, and this will be settled into a particular bank account.

“Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and in the Philippines. That makes today’s announcement an important development for xRapid,” said Cory Johnson, Chief Market Strategist at Ripple.

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year,” he continued.

Ripple’s xRapid Teams Up With Three New Exchanges: Bittrex, Bitso, And

Financial institutions that use xRapid saved up to 70%

Back in May 2018, Ripple revealed that financial institutions that are piloting xRapid saved 40-70% on average compared to traditional foreign exchange brokers who facilitate cross-border payments.

These payments have been settled back then in just 2 minutes or less compared to two or even three days that are required by traditional methods.

Source link


Please enter your comment!
Please enter your name here

Latest news

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...
- Advertisement -

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Must read

- Advertisement -

Read Next
Recommended to you