Ripple has recently announced their preferred cryptocurrency exchanges that would be working in tandem with their product, xRapid.
According to an official announcement released on their website, Ripple has now signed an official partnership with Bittrex, Bits, and Coin.Ph to champion xRapid in their respective regions. Logically, Coin.ph has been selected for the Philippines, Bits for Mexico, and similarly Bittrex for the United States.
xRapid is Ripple’s cross-border payments product that minimizes liquidity costs, and the exchanges that have been chosen are meant to strengthen xRapid ecosystem, where there can be swift cross payments and change of currencies where need be, using Ripple’s XRP.
On why Ripple decided on the three earlier mentioned crypto exchanges, Corey Johnson, the Chief Marketing strategy explained:
“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.”
Johnson went on effusively in praise of the recent announcement, citing it as an essential development for xRapid, which has relatively seen very few favors thrown its way by global financial institutions, compared to the rave reviews and attention xCurrent has garnered. The executive from Ripple added:
“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.”
There had been numerous successful xRapid pilots according to Johnson, who was excited by the prospect of the product. The new partners, Bittrex, Coin.ph and Bits would facilitate amongst a host of other things the seamless transfer and making of payments between different currencies.
Earlier this year in May, Ripple revealed that its first-ever xRapid pilot, as reported above considering the number of successful pilots, the company came to the rescue of different financial institutions and saved them roughly about 40 to70 percent compared to what they would typically pay to foreign exchange brokers.
Incredibly, in xRapid’s first ever pilot, payments only lasted about two to three minutes compared to the now outstanding feat of a cross-border payment with an average of two to three days.
A lot of experts are labeling xRapid as the ‘game changer,’ and it remains to be seen what tomorrow has for XRapid and Ripple itself.