Ripple has included three cryptocurrency exchanges to its cross-border payments settlement products, as per an official statement published August 16.
Ripple has banded together with U.S.- based Bittrex, Mexican Bitso, and Philippine Coins. Ph cryptocurrency trading platform within its drive to manufacture a “healthy” environmental system of digital resource exchange.
The new accomplices will empower Ripple’s xRapid payment solution for move amongst XRP and U.S. dollars, Mexican pesos, and Philippine pesos individually. Ripple clarified the operational rule this way:
“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”
XRapid is a liquidity solution for Ripple’s blockchain-based ongoing gross settlement system, which is created to encourage international fiat exchanges between financial organizations. Ripple Chief Market Strategist Cory Johnson stated:
“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.”
In May, financial institutions who took an interest in the pilot of the xRapid platform, which tried payments between the U.S. Furthermore, Mexico, announced transaction reserve funds of 40-70 percent. Moreover, the members noticed a change in transaction speed from 2-3 days to “just over two minutes.”
In spite of the fact that the testing demonstrated strong product performance, Ripple chief cryptographer David Schwartz asserted that banks are probably not going to convey blockchain to process global payments, referring to low adaptability and protection issues.
Not long ago, Cointelegraph revealed that Ripple is thinking about breaking into the Chinese market to accelerate global payments with blockchain innovation. Jeremy Light, VP of European Union strategic accounts at Ripple, said that “China is definitely a country and region of interest.”