altcoin bankerscoin banks bitcoin blockchain crossborder crypto cryptocurrency digitalasset ethereum forex globalliquidity hodl investor markets massadoption payment privatebanks ripple ripplenet standard xcurrent xrapid xrpcommunity xrphodler xrpledger xrpthestandard xvia xrpcommunity
Ripple keeps scoring good points both in the media and in the fan-base with XRP, a leading cryptocurrency in the fintech payments industry. Ripple and other numerous XRP lovers have maintained that XRP is truly a decentralized new generation cryptocurrency.
Notwithstanding, Ripple has always made huge efforts to prop the usage of the crypto. The most recent development involves MoneyGram, an international payments facilitator that has been in business for decades.
Just recently, MoneyGram announced that it was testing some of Ripple’s payment solutions like xCurrent and xRapid with the possibility of adopting them. Now, the company has decided to go all-in, adopting Ripple’s xRapid payment solution that uses XRP as the base currency for funds transfer. XRapid has been touted as efficient in terms of transaction costs and speed.
For one, MoneyGram was facing direct competition from Ripple, given that both companies are in the international funds’ transfer business. That’s what makes the partnership a win-win for both.
In a new earning’s call, MoneyGram CEO Alex Holmes revealed the company launched xRapid this week, confirming the technology can settle payments in a matter of seconds. “I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.'” Holmes says the company’s partnership with Ripple will help it improve the company’s ability to move money around the world. “One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables millions of customers to move billions of dollars across 200 countries and territories using over 120 currencies."
Ripple’s senior vice president of product Asheesh Birla says Ripple will soon launch a major expansion of its XRP-based cross-border payment solution xRapid.
In a new ask-me-anything on YouTube, Birla talks about the company’s strategy for XRP and xRapid, which so far has one corridor officially open between Mexico and the Philippines. “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.” The biggest hurdle to opening a new xRapid corridor is making sure it’s compliant with regulations in both countries. Ripple is then free to partner with crypto exchanges that can accept fiat from financial institutions, convert it to XRP and send it overseas, where it is instantly converted back to fiat. Ripple has partnered with Mexico-based crypto exchange Bitso and Philippines-based Coins.ph to power xRapid payments between those two countries.
Right now, global currency provider Mercury FX is leading leading the push for real-world use of xRapid for payments. In February, the company said it’s looking to open up as many as 10 new payment corridors by the middle of this year. “We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now… It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?” Do you think xRapid provides it's users with a real world use case?
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Welcome to the Silicon Melbourne family, Ripple .Ripple has some great new products - xCurrent and xRapid which uses Ripple made/ open source XRP. Loving the tech.
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Ripple announced yet another huge partnership last week. Announcing that Ria have joined Ripplenet. The remittance company currently has over $40bn in transfer volume annually & will join the 200+ partners already signed up to Ripplenet. #Ripple #XRP #Ria #Remittance #Payment #xRapid #xCurrent #MoneyTransfer #Crypto #CryptoNews #CryptoCurrency
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