Mercury FX CEO: Ripple’s xRapid Provides ‘Optimized Speeds And Costs’ For Moving Money
Alastair Constance Believes That Ripple’s xRapid Is The Future Of Transactions
It seems that Ripple’s xRapid solution is starting to be implemented by several banks and financial institutions all over the world. The intention is to provide these companies with a fast and easy way to make cross-border transactions.
During the last three years, the company was able to start working with 200 clients from many different countries such as India, Korea, Japan and many others. Two of the most active regions are the Middle East and Southeast Asia. At the same time, Ripple was able to expand its services to corridors including the United States, the Philippines, and Mexico.
Alastair Constance, the CEO of Mercury FX mentioned that the xRapid service provided by Ripple is the future. Mercury FX has implemented the xRapid solution to execute transactions between countries. In this case, the firm moved $4,552k from the United Kingdom to Mexico earlier in January.
During a conversation with Ripple SVP Customer Success ant the London Ripple Regional Conference, Constance mentioned:
“Ripple provides the opportunity for us to say we have opened up this market and we can come here and trade freely at the optimized speeds and costs.”
Additionally, Eva Kaili, a member of the European Parliament, said that blockchain technology is unstoppable since it allows institutions to be connected without recognizing borders. At the same time, it removes barriers and gives people the understanding that it can be used for good.
There are many other positive comments regarding Ripple. For example, Navin Gupta, managing director for Ripple, South Asia and MENA, said that 2019 will be a much better year for Ripple than the one that just passed. Moreover, he said that Ripple will be expanding its multi-hub model.
With the current services offered by Ripple, it is possible for banks to reduce costs and to be connected with a wide range of other financial institutions.
At the time of writing this article, XRP, the virtual currency used to power the xRapid service, is the second largest digital asset in the market. It has a market capitalization of $12.92 billion and each XRP can be purchased for $0.313. In the last 24 hours, the virtual currency experience a price increase of 7%.