Skip to main content

Ripple in Partnership With Three different Crypto Exchanges



A new report has emerged according to Cointelegraph stating Ripple has entered into partnership with three exchanges in three different countries ; US, Mexico and the Philippines in their first wave of taking xrp liquidity a step further.

 The report mentioned Bittrex, Bitso and the Coins.Ph in the respective countries as the three exchanges that were included in the ripple cross border payment and remittance product range.

 Ripple through these partnerships aims to build a healthy eco system of digital assets exchange as this will allow ripple xrp payment solution to move between the US dollar, Mexican pesos and the Philippine pesos currencies respectively in real time.

According to Ripple the operational principle;

“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”

Xrapid is Ripple's block chain based real time gross settlement system liquidity token which was built to facilitate real time cross boarder fiat settlement between financial institutions.

Ripple Chief Market Strategist Cory Johnson had this to say;

“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.”

Earlier this year, the pilot test of the cross boarder payment between the US and Mexico resulted in about 40 - 70 % savings in transaction cost with the time taken significantly reduced from 2-3 days to just over two minutes.

Comments

Popular posts from this blog

DECENTRALIZED FINANCE; WHAT IS IT? – Part 1

      More than t en years gone down the lane, the block chain industry is yet to disappoint with it ever changing nature. Since the early adoption, the industry has since recorded a slow but progressive changes with the latest being the Decentralized Finance also referred to as Defi. What Decentralized Finance? ‘’DeFi is essentially just conventional financial tools built on a blockchain’’-blocknomi. These were previously built on the Ethereum network, but there is a growing number of players in this space such as Waves and Cosmos. ‘’ They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services’’ Example of a growing number of Defi Dapps on the waves platform is the Neutrino token - https://beta.neutrino.at/neutrino/usd-n ...

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...