The number of companies adopting Ripple’s XRP cross border payment solution, xRapid is expanding. A total of 12 companies have now confirmed they have either implemented or plan to use xRapid in 2019.
So far, Ripple has confirmed crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp will use the software solution to boost payments between the US and the Philippines, and the US and Mexico.
Ripple also says payment platforms Cuallix, Mercury FX, and Catalyst Corporate Federal Credit Union will use xRapid to improve the speed of their customer’s cross-border payments.
Outside of that, eight additional companies have announced that they plan to implement xRapid in the future.
The companies that will be implementing xRapid are the following:
- SBI Virtual Currencies
xRapid was launched commercially back in October. xRapid eliminates the need for a pre-funded banking account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.
This could have been a reason that Ripple’s price spiked after the slight Christmas rally.