Ripple’s xRapid is now commercially available in the market. xRapid is a platform for faster international payments without pre-funded nostro account. The product roots liquidity from digital currency XRP for global exchanges, allowing cross-border transactions faster and cheaper than old versions.
The pilot phase of xRapid was announced in May grabbing attentions from financial institutions and payment providers like MercuryFX and Cuallix. The partakers in the pilot experienced 40-70% savings in transactions and better speed by changing the unit from ‘day’ to ‘minute’.
Cuallix is governing the core remittance corridor from the United States to Mexico while MercuryFX will take the job in the Europe to Mexico. Catalyst Corporate Federal Credit Union which manages member and client credit unions in the U.S. will deploy xRapid to boost a new cross-border payment service.
In August, Ripple signed partnerships with three cryptocurrency exchanges: Bittres, Bisto and Coins.Ph. It aims to construct a healthy ecosystem of digital asset exchange and due to this agreement the users can have free exchanges among U.S. dollars, Mexican pesos and Philippine pesos with XRP. The price of XRP token has shown a huge increase over the last month even being superior to Ethereum after the announcement of xCurrent product that it will be utilized by U.S. bank PNS’s Treasury Management unit to accelerate cross-border transactions. Currently XRP is the third largest cryptocurrency, trading at approximately $0.57 with a market capitalization of around $22.75 billion.
Author: Jieun Lee