We’ve all heard of Ripple. Whether you love or hate them, you can’t deny that they are making waves in the crypto space. Not just there though, the financial world as a whole seems to be bowing to Ripple.
It’s clear they want to keep growing, and according to the SVP of product at the firm Asheesh Birla, Ripple is working on expanding their XRP-powered cross-border payment product xRapid.
In a recent Ask Me Anything session on YouTube, Birla spoke on many subjects including the firm’s strategies and plans for its native currency XRP as well as xRapid.
“On-demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.
I know our product teams, and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”
There are a lot of advantages to using xRapid though. If we take out the efficiency and lightning speed, the cost aspects where unlike absurd SWIFT charges, transactions through xRapid are almost free. This has given it an edge over traditional money transfer systems. Aside from advantages, banks seem to be hesitant to embrace it because of the lack of regulatory clarity.
At the moment, Ripple is getting ready to partner with any cryptocurrency exchange that accepts fiat, from traditional banking institutions. There are already three crypto exchanges that have partnered with Ripple including, BIttrex, Coins.Ph and Bitso. These exchanges have all agreed to use xRapid to facilitate their cross-border transactions.
As reported by Coindoo:
“Mercury FX is one of the payment companies that have adopted xRapid. It recently launched its xRapid-powered payment corridor to Mexico and the Philippines. And it has already completed its first payment using the product by sending money from the United Kingdom to the Philippines.”
On top of this, the firm announced plans to launch up to ten payment corridors using xRapid by around June of this year.