Ripple Inc. is a blockchain firm that provides international payment solutions. Ripple is the parent firm of XRP (XRP), even though the digital currency and the firm are independent of each other. Over the past year, Ripple has been doing it can to promote the adoption of XRP (XRP) and to provide more use cases for the digital currency.
Ripple has several products used for cross-border payments. These products have been adopted by many banks and institutional investors all over the world. The products of Ripple are known for cost-effectiveness and speed. The cost of processing international transactions through these payment solutions are very cheap. They are also faster, compared to the conventional way of sending money.
Twelve Firms Have Adopted xRapid
As earlier mentioned, Ripple has several cross-border payment solutions, including xCurrent, xVia, RippleNet, and xRapid. xRapid is the latest product of Ripple Inc. xRapid is a cross-border payment solution that uses XRP (XRP) to facilitate cross-border payments.
This is one of the most anticipated products of Ripple, and it was launch sometime last year. The launch of this product had a tremendous effect on XRP (XRP). After the announcement of the launch of xRapid, the value of XRP surged by more than 100% in a matter of days.
Since the launch of xRapid, several firms have adopted and integrated it into their payment system. At the time of writing, a total of twelve firms have been confirmed to have either integrated xRapid into their system or plan to use the technology.
So far, Ripple has confirmed three digital currency trading platforms – Coins.ph, Bitso, Bitstamp, and Bittrex – will utilize the new payment solution to enhance payments between the United States and Mexico, and the United States and the Philippines.
Payment platforms such as Catalyst Corporate Federal Credit Union, Mercury FX, and Cuallix, are also in the business of cross-border payments. According to Ripple, these cross-border payment firms will use xRapid to enhance the speed of the cross-border payments of their clients.
Other Firms that Plan to Use xRapid in the Future
Ripple has also published a list of other firms that have said that they would implement this payment solution in the near future. The number of firms on this list are eight, and they recently announced their plans to implement xRapid into their payment systems. Some of these firms include IDT, Bitrue, SendFriend, SBI Virtual Currencies, and Viamericas.
When Ripple launched xRapid back in October 2018, the firm highlighted the use case of the product as a regulatory compliant way to use digital currencies to transfer funds from one part of the world to another.
xRapid completely eliminates the need for a pre-funded Nostro account when carrying out international payments. It sources liquidity from XRP (XRP) on trading platforms across the globe. As such, international payments occur in seconds at a very low rate compared to the traditional way of banking, which usually takes days or weeks to process cross-border payments.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is changing hands at $0.3793 after an increase of 1.5 percent over the past twenty-four hours. XRP recently lost its position to Ethereum (ETH). The current market cap of the digital currency is $14.83 billion and its trading volume over the past twenty-four hours is $638.04 million.