Ripple partners with Bitso, Bittrex, and Coin.Ph belonging to Mexico, United States, and the Philippines respectively. The announcement was made via the blog of Insights.
Ripple says xRapid to be most successful, continuing “there requires to be a healthy ecosystem considering the digital asset exchange partners around the globe”. This will allow quick and effective conversion at the source and destination end as well. It says about the fiat currency to XRP conversion at the source end and XRP to other fiat currency conversion at the destination end.
xRapid is the quick, reliable, and cheaper cross-border payments solution for Ripple. This uses the digital asset XRP to provide on-demand liquidity, which eventually reduces the costs to make real-time payments to/in evolving markets.
Ripple mentions that:
These exchanges allow xRapid payments to move from one currency – into XRP – and back into another currency quickly and efficiently.
Currently, Ripple named its initial three “preferred” cryptocurrency exchanges:
- Bitso (xRapid transactions via Mexican Pesos)
- Bittrex (xRapid transactions via US Dollars)
- Coins.ph (xRapid transactions via Philippine Pesos)
Ripple also elaborated on how the xRapid payment will work for the U.S. to Mexico (Bittrex at the U.S. side & Bitso at the Mexico side)
- “A financial institution holding an account of Bittrex, will initiate the payment in US dollars via xRapid. This will then immediately convert into XRP on Bittrex”.
- “The payment amount in XRP will settle over the XRP Ledger”.
- “Bitso via its Mexican Peso liquidity pool will immediately convert XRP into fiat. This will then settle into a destination bank account”.
The Chief Market Strategist at Ripple, Cory Johnson says that:
We’ve seen many successful xRapid pilots already, and as we move ahead with the product from beta to production later this year, the exchange partners will permit us to offer financial institutions with the comfort & assurance that their payments will move seamlessly between distinct currencies.
Later, Johnson posted a tweet on its initial preferred set of partners Ripple has chosen Mexico and Philippines:
Why did we choose, of all countries, preferred partners in Mexico and the Philippines? The four largest incoming remittance countries (two of which shun crypto businesses) are: India, China, Mexico and the Philippines. https://t.co/rHynmxoZ2w #XRP
— Cory Johnson (@CoryTV) August 16, 2018
The CEO of Coins.ph, Ron Hose also adds:
We are excited to partner with Ripple for bringing the benefits of blockchain technology to cross-border payments. This will send money home more affordable for 10M+ overseas Filipino workers.