The cross border payments and transactions product xRapid has signed three partnerships with the cryptocurrency exchanges of Coins.ph, Bitso, and Bittrex.
xRapid, the blockchain-based XRP ledger system for real-time gross settlement by Ripple Labs based the United States, has invited three new partners to their service: Coins.ph from the Philippines, Bitso from Mexico, and Bittrex from the United States. Benefitting from this partnership, xRapid is to foresee a healthy expansion of their ecosystem for the exchanging of cross-border payments.
The main goal of xRapid and the XRP ledger is to reduce transaction costs between peoples of different countries and nations, for example, reducing the transaction cost from 70% to 40% when transferring a payment from the United States into Mexico. Another main goal is to reduce the transferring time and also witnessed the transaction time of the payment cut down from 3 days to just minutes.
Whilst actively building relations with various financial institutions around the globe, Ripple seeks to enter the Chinese financial market after working with the Kuwait Finance House in the Middle Eastern market. Jeremy Light, the European Union Strategic Accounts Vice President of Ripple, has stated that interest in the blockchain industry is huge in China and is the next destination for xRapid.
The CEO of Ripple, Brad Garlinghouse said,
I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool.
Ripple’s xVia to converge xCurrent and xRapid
Also this month, Ripple has also set sights on the convergence of xCurrent and xRapid through xVia. This product is still mainly only in the testing phase of the xVia product as it’s currently only in the Beta stage of its development and not yet its large-scale production and further development and expansion.
Many may ask why to use xCurrent over other competitors, but it’s due to xCurrent being the kind of product that present financial systems in financial institutions and corporations would be interested in the use of. Over a hundred banks and other financial institutions are actively using xCurrent on top of their current correspondent banking systems to allow for a more frictionless, consistent, and streamlined experience.
The major problem facing xCurrent and Ripple itself is that the financial institutions, corporations, and other companies that are making full use of these new products are what the Ripple Labs corporation, Ripple’s XRP ledger, xCurrent, and xRapid intend to make completely obsolete and fully defunct.
xCurrent, for the financial systems and institutions putting it to full use, directly replaces the cross-border transaction system called SWIFT. The SWIFT system, or Society for Worldwide Interbank Financial Telecommunication, has had many significant internal logistical problems for the cross-border payments and transactions. These errors and problems can and have resulted in losing essential days for both the recipient and the payer, also being outdated in its cybersecurity, making it extremely vulnerable and susceptible to hacks and breaches as have been witnessed before.
xVia, aiming to combine xCurrent with xRapid, will allow two different sorts of settlements and payments through its own independent standardized and single financial interface through RippleNet. xVia will ultimately further the goals of xRapid and xCurrent and bring cross-border payments and transactions to more secure, faster, and cheaper standards of our ever-changing modern times for our financial institutions and corporations alike.