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Ripple’s (XRP) xRapid Bags Three New Partnerships

Ripple (XRP) enthusiasts have long been complaining that Ripple, the overseer of the altcoin finds more use cases for the cryptocoin, saying many of the partnerships sealed by the company were not in favour of XRP.

Now, Ripple (XRP) has danced to their tune. The blockchain company announced that xRapid, which is one of the most viable tools for cross-border payments, and majorly powered by XRP, has sealed a deal with three exchanges.

The decision is born of the fact that the success of xRapid depends on a healthy ecosystem of digital asset exchange partners across the world. These exchanges will give room for xRapid payments to be moved from one currency to XRP, and then into another as fast as possible.

In a release by Ripple, the blockchain technology indicated that Bittrex is going to act as the preferred digital asset exchange for xRapid. The exchange will cater for transactions performed through US Dollars.

Also, Bitso and Coins.ph are preferred for Mexican Pesos and Philippine Pesos respectively.

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

“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.”

Meanwhile the CEO of Coins.ph, Ron Hose said, “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers”.

So, below is what the company feels xRapid payment flow will look like from the U.S. to Mexico:

  • 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.
  • The payment amount in XRP is settled over the XRP Ledger.
  • Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.

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Ripple Endorses 'Preferred' Crypto Exchanges for XRP Payments

Distributed ledger startup Ripple has endorsed three cryptocurrency exchanges as its “preferred partners” for transacting with its xRapid payments service, which uses the cryptocurrency XRP.

Announced Thursday, Bittrex, Bitso and Coins.ph will now serve as Ripple’s “preferred digital asset exchanges” as part of its efforts to build out the XRP ecosystem.

Cory Johnson, Ripple’s chief markets strategist, told CoinDesk that the firm is essentially encouraging all of its clients in the U.S., Mexico and the Philippines to use those three exchanges, respectively, for sending funds using its xRapid service.

“So in the U.S. we’re saying the gold standard, our official partner is Bittrex. So any bank can go to Bittrex and have guaranteed liquidity on the spot, trade their dollars for XRP, zip over to Mexico to Bitso, our preferred partner there, and convert [to Mexican pesos],” he said in an interview.

The financial institutions would need to have accounts with the exchanges to convert U.S. dollars, or Mexican or Philippine pesos, according to Johnson.

The three exchanges were chosen due to their XRP holdings, allowing them to provide higher levels of liquidity, he said, adding that “there’s a whole bunch of companies around the world that are using XRP and what we’re doing is identifying three other [exchanges] that have a lot of XRP liquidity and steering more liquidity their way.”

While Ripple has only announced three exchanges so far, Johnson said more names are to follow.

He explained:

“The corridors we’re focused on [are] organic … we want to focus on busy corridors. We want to focus on places where there’s a very vibrant XRP marketplace, and we want to focus on places where we can have the most value.”

Ripple needs to determine where these places are, he said. As an example, he noted that Taiwan and the Philippines see large volumes of trading compared to other international corridors, meaning Ripple could focus more attention on that corridor.

Ripple image via Shutterstock

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