Ripple’s xRapid Transactions Coming to Bittrex, Bitso, Coins-ph
With the “When adoption?” question hanging over xRapid for weeks, the Ripple-backed cross-border liquidity solution now has three new partners in Bittrex, Bitson, and Coins.ph. The deal will see the regional exchanges able to facilitate trades into and out of XRP “quickly and efficiently.”
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Dominoes Dropping on the Adoption Front
On August 16th, Ripple announced that its xRapid cross-border payments system would make Bittrex, Bitso, and Coins.ph respectively preferred facilitators of USD, Mexican Pesos, and Philippine Pesos transactions. Bittrex is among the leading crypto exchanges in the U.S., while Bitso and Coins.ph bear the same statuses in Mexico (Bitso) and the Philippines (Coins.ph).
In their announcement, the Ripple team provided an example of a potential forthcoming use case:
“Here’s what a xRapid payment flow will look like from the U.S. to Mexico:
- 1. A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
- 2. The payment amount in XRP is settled over the XRP Ledger.
- 3. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.”
Ripple’s Chief Market Stategist Cory Johnson hailed the development as part of the the project’s wider institutional pivot:
“We’ve seen several successful xRapid pilots already, 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 assurance that their payments will move seamlessly between different currencies.”
Love this. Great partners and the bedrock of our #xRapid network. @bitso @coinsph @BittrexExchange, we @Ripple are very proud and excited to be working with you. Welcome to the family! ? #xRapidstrong https://t.co/Lp7OIlOHJl
— Miguel Vias (@miguelvias) August 16, 2018
xRapid has had no shortage of naysayers in the space hitherto, to be sure, but bringing in the three at-hand exchanges into its ecosystem should serve to legitimze the cross-border payments system further.
Coins.ph CEO Ron Hose cast the team-up in light of remittances, saying xRapid could serve to make “sending money home more affordable for 10M+ overseas filipino workers.”
— Cory Johnson (@CoryTV) August 16, 2018
One Step at a Time
Between adoption complaints, decentralization skepticism, securities regulation concerns, and the bear market as of late, Ripple has had as choppy a 2018 as any of the top big-cap cryptocurrencies. Yet, in the absence of any showstopper developments, the crypto and its ecosystem have only one direction: forward.
RIPPLE NOW RUNS A MINORITY (48%) OF VALIDATORS ON THE XRP LEDGER!
— rabbit (@RabbitKickClub) August 13, 2018
Whether that will be enough in the long run for Ripple to outrun its skeptics remains to be seen.
But what is clear is that leadership around the project is aiming to put Ripple in the best position to succeed. Doing so entails networking with the heavyweights in the space, like Binance’s Changpeng Zhao.
— Michael Arrington (@arrington) August 16, 2018
What’s your take? Is Ripple “aye” or “nay” for you? Let us know in the comments section below.
Images via Pixabay