- August 18, 2018
- Category: Altcoins, Business, Cryptocurrency, Updates
If you are interested in Blockchain and finance, we’re sure you’ve considered investing in Ripple. However, not until recently did many crypto platforms support Ripple. Instead, you had first to buy Bitcoin or Etherium to buy Ripple, which made the process lengthy and complicated.
Ripple is among the unicorns among cryptocurrencies, with Ripple Inc. specializing in blockchain payments and remittance. The company aims to offer cross-border solutions for all those who want to transfer money across a very long distance.
A Look at the Development
Ripple partnered up with three cryptocurrency exchanges to facilitate cross-border payments. They are Bittrex, which is based in the United States of America, Bitso, which is based in Mexico, and Coins, which hails from the Philippines. This move comes in the wake of the company wanting to create a healthier ecosystem in the world of digital asset exchange.
Trading platforms for cryptocurrency can become complicated over time because of the emergence of numerous technologies at the same time. Ripple wants to make the experience better for both the users and companies. The new partnership will allow Ripple’s popular xRapid payment solution to accommodate Philippine pesos, U.S. dollars and Mexican pesos with respect to XRP.
Ripple developed xRapid as a liquidity solution for its blockchain-based gross settlement system. The company originally designed this system to help financial institutions conduct international fiat transfers. According to a statement released by Ripple, they are aiming to assure financial institutions of their efficiency by forging such partnerships.
The system will be easy to operate, and transferring money will become much easier. For example, any financial institution which has a Bittrex account will be able to make a payment in America dollars at first through xRapid. This amount will then be converted into XRP on Bittrex itself. Initially, this transaction is recorded in the XRP Ledger. After this, Bitso is able to change the XRP into fiat because of the Mexican peso liquidity pool it has access to.
What’s in Store?
Cory Johnson, who is the chief market strategist for Ripple, considers this venture to be an important development because xRapid did not gain the popularity that it should have before this. Major international banks have shown a preference for current instead, but Ripple believes that the new partnerships can turn the tide in their favor. The company is going to shift the product from its beta stage to production based on the successful xRapid pilots they have observed. Officials in Ripple are convinced that blockchain is here to stay in financial institutions.
Many foreign brokerages are applauding this move by Ripple. There have also been rumors that Ripple wants to make its mark in the Chinese market as well. They believe that it will help them make further improvements to their system. As a result, international payments will go through faster with the help of blockchain technology. The company has already marked China as an area of interest.