As Ripple (the company) looks to expand its ecosystem, it has included three new exchanges to its xRapid system – in order to move fiat currencies into and out of XRP.
As part of its Ripple Insights blog, the company that created the XRP cryptocurrency, Ripple (but is now very keen to disassociate itself from its creation as much as is possible) has announced that US exchange Bittrex “will act as the preferred digital asset exchange for xRapid transactions that move through US Dollars.”
“In addition,” it says, “Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos, respectively.”
xRapid, for those unaware, is Ripple’s system for payment providers to power cross-border payments into emerging markets, where accessing local currency can be expensive. In its blog, the company gives the example of what that flow would look like for a company in the US making a payment in 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.”
Ripple’s systems are designed to use XRP as the fuel for a cheaper and quicker payments system. Theres is a methodology that has seen Ripple gain traction in the back-end systems of several large financial institutions with is ‘x’ systems: interbank settlements system, xCurrent; corporate payments solution, xVia; and the xRapid liquidity solution.
“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,” said Cory Johnson, Chief Market Strategist at Ripple.
“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.”
Ripple (the company) and Ripple (the crypto) have suffered in 2018 as a result of the convoluted and often-confusing relationship between the two. Indeed, that relationship will, eventually, see Ripple (the company) defend itself against accusations for securities fraud by investors in the XRP cryptocurrency, which it still hold a massive cache of in its coffers.