Payment Solution: xRapid
During the Swell conference, Ripple announced the public release of xRapid. It added saying Global payment providers like Cuallix, IDT, MercuryFX, and others are using xRapid. This significantly reduces their liquidity costs and send real-time payments.
Global partners entering a partnership with Ripple to use xRapid means global adoption of xRapid is underway. This seems like a huge success. But Ripple in their brochure, ‘On Demand Liquidity: Harnessing the power of XRP on Ripplenet’, mentioned the addition of another partner, Viamericas.
Viamericas is a licensed money transmitter offering international money transfer, bill payment, check processing and top-up services at thousands of locations across the US. This service of Viamericas spreads over 76,000 locations in 29 countries for a cash payout or direct deposits to bank accounts.” The CEO of Viamericas, Paul Dwyer quoted in this brochure saying,
We believe that digital assets like XRP will play a key role in the future of cross-border payments. This will safely address some of the structural inefficiencies of legacy settlement infrastructure.
There have been speculations and rumors about Viamericas on the lookout for Ripple’s technology for payment processing. But this marks the first official announcement of the partnership between Ripple and Viamericas.
Ripple has been making more than a few ripples in the crypto-space for the past week. However, after its partnership with Viamericas. Now, Ripple expects Trump administration to turn to XRP to counter China’s dominance over the Bitcoin network.
Reportedly China holds over 70 percent of dominance on the Bitcoin network. Due to large Chinese mining pools, bitcoin’s collective hash rate is tilted in favor of China. This particular dominance has raised quite a few eyebrows in the crypto ecosystem. Ripple’s Lab’s chief strategist, Cory Johnson, in an interview said,
The White House, in particular, seems to be thinking about what it means to have 80% of bitcoin mining taking place in China and a majority of ether mining taking place in China.
Adding to the above, Johnson said White House is considering adoption of XRP to offset China’s bitcoin dominance. And XRP doesn’t have mining, so there’s no foreign-control aspect to be concerned about. With former US president, Bill Clinton as the key speaker at Ripple’s Swell conference definitely helps Ripple get the attention of the White House.
Did you get yourself a bag of XRP for when the White House announces the adoption of xRapid?