Ripple Secures Deal with Three More Crypto Trading Firms as Part of Expansion Plans

Aug 17, 2018 at 21:08

Ripple, the blockchain platform which is tied to XRP, the third largest cryptocurrency announced that three more cryptocurrency exchanges have been added to its cross-border payments settlement product.

The company expressed that it has partnered with cryptocurrency trading platforms including Bittrex in the United States, Bitso from Mexico and Coins.Ph from the Philippines as part of the initiative to build a healthy ecosystem of digital asset exchange.

Ripple claimed that the new partners will enable its xRapid payments solution to move between XRP and US dollars, Mexican pesos and Philippine pesos, respectively.

The firm expressed that under the said partnership, a financial institution that has an account with Bittrex would initiate a payment in US dollars via xRapid, which instantly converts into XRP on Bittrex. Meanwhile, the payment amount in XRP is settled over the XRP ledger as Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.

It can be recalled that XRapid is a liquidity solution for Ripple’s blockchain-based real-time gross settlement system, which is developed to facilitate international fiat transfers between financial institutions.

“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,” Cory Johnson, Ripple’s chief market strategist, commented on the said deal.

Earlier this week, Ripple vice president of European Union strategic accounts, Jeremy Light, mentioned that they are looking at the possibility of entering the Chinese market to speed up international payments with its distributed ledger technology.

As of this writing, XRP is valued at $0.3059 a piece with a market cap of $12.05 billion.