XRP Love: Ripple Confirms ‘Global Expansion’ Plan for Crypto-Powered xRapid

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

By CCN.com: Asheesh Birla, the senior vice-president of product at San Francisco-based Ripple, recently revealed that the company has aggressive expansion plans for xRapid, its XRP-powered crypto remittance platform.

Ripple’s vision of changing the payments landscape

During an ask-me-anything session hosted by Ripple’s Ginger Baker, Birla said that the company is in the process of expanding its cross-border payments platform to more countries across the globe. He said:

On demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has (sic) 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.

Ripple can partner with cryptocurrency exchanges across the globe that are capable of accepting fiat currency from banks. It then converts fiat money into XRP and transmits it to the destination, where it is instantly converted back into fiat.

Chris Larsen Ripple

Ripple co-founder Chris Larsen is among the richest individuals in the cryptocurrency sector. | Source: YouTube

Birla explained that the current cross-border payments system is legacy in nature as sending money from one country to another is a time-consuming process.

If you’ve sent a bank wire, or if you’ve actually tried to wire money around the world, you know that it’s just faster probably to just get that money, get a plane and get it to your destination. The crazy thing about payments today in 2019 is that if you want to send money globally, it really hasn’t changed since the 1960s.

This is where xRapid comes into play by offering on-demand liquidity.

But Ripple needs to ensure that it complies with the regulations of those countries where it plans to set up a payments corridor.

Ripple’s partnerships to aid xRapid’s growth

Ripple has been busy striking partnerships with payments providers and crypto exchanges to get xRapid off the ground.

Bitso in Mexico and Coins.ph in the Philippines enable xRapid transactions between the two countries. In the US, Ripple has named Bittrex as its preferred cryptocurrency exchange partner to facilitate real-time payments between banks globally.

Ripple had struck a deal with international payments providers Mercury FX and IDT Corporation in January last year to test out the XRP-powered xRapid platform. Last month, Mercury FX sent the first xRapid payment to the Philippines on behalf of a UK-based client in a transaction that took just a few seconds to execute at a lower fee.

Money Gram, another major player in the payments industry, is also using xRapid along with Mexican bank Cuallix. American Express is one more marquee name that’s partnering with Ripple’s XRP-enabled real-time payments platform.

Now that Ripple has already proven that XRP-based xRapid is capable of changing the cross-border payments landscape because of low costs and a faster turnaround, it won’t be surprising to see the service expand rapidly into more countries as Birla suggests.



XRP Love: Ripple Confirms ‘Global Expansion’ Plan for Crypto-Powered xRapid 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,075.00
ethereum
Ethereum (ETH) $ 2,621.52
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 329.83
cardano
Cardano (ADA) $ 1.36
xrp
XRP (XRP) $ 0.719950
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.198784
polkadot
Polkadot (DOT) $ 18.45
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,075.00
ethereumEthereum (ETH)
$ 2,621.52
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 539.32
litecoinLitecoin (LTC)
$ 141.44
bitcoinBitcoin (BTC)
32.884,50
ethereumEthereum (ETH)
2.206,20
tetherTether (USDT)
0,841574
bitcoin-cashBitcoin Cash (BCH)
453,88
litecoinLitecoin (LTC)
119,03
bitcoinBitcoin (BTC)
28,124.43
ethereumEthereum (ETH)
1,886.85
tetherTether (USDT)
0.719755
bitcoin-cashBitcoin Cash (BCH)
388.18
litecoinLitecoin (LTC)
101.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,194 0.47 % 2.33 % 0.30 %
Ethereum2,643.5 1.30 % 5.12 % 15.31 %
Tether1.000 0.04 % 0.14 % 0.29 %
Binance Coin331.13 0.63 % 2.82 % 5.63 %
Cardano1.360 0.12 % 1.63 % 7.19 %
XRP0.7246 0.58 % 1.25 % 12.81 %
USD Coin1.000 0.15 % 0.17 % 0.13 %
Dogecoin0.2000 0.41 % 1.43 % 2.24 %
Polkadot18.60 0.73 % 6.72 % 29.86 %
Binance USD1.000 0.30 % 0.35 % 0.32 %

bitcoin
Bitcoin (BTC) $ 39,710.00
ethereum
Ethereum (ETH) $ 2,692.27
tether
Tether (USDT) $ 0.999974
binance-coin
Binance Coin (BNB) $ 333.95
cardano
Cardano (ADA) $ 1.37
xrp
XRP (XRP) $ 0.732800
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.201053
polkadot
Polkadot (DOT) $ 19.16
binance-usd
Binance USD (BUSD) $ 0.999383