Ripple Spokesperson Claims Over Twenty Established Financial Institutions are Using xRapid Platform
- According to a number of reports circulating on the internet, Ripple is currently looking to ‘open more payment corridors for its xRapid offering’ within Mexico and the Philippines.
- Till date, a total of 13 companies have come out and revealed that they are making use of Ripple’s xRapid protocol. Some of them include IDT, Viamericas, SendFriend and Bitrue.
As per an all new interview with Marjan Delatinne — Ripple’s global head of banking — the crypto firm has been able to sign partnerships with more than 20 clients (all of whom are allegedly making use of the firm’s XRP-powered xRapid protocol).
During the course of the interview, Delatinne highlighted the impact xRapid has had on cross-border transactions and how people living in lesser developed nations are now able to send back money to their families without having to incur insane processing/transaction charges (that are usually imposed by traditional banks and payment processors).
On the subject, he was quoted as saying:
“When talking with banks, we still have to ensure that they understand that using this product is not around keeping XRP on their balance sheets. That’s very important for the banks to understand because they would otherwise have to report that to the regulators.”
Delatinne then went on to add that while Ripple has made big strides over the past year or so, a lack of education (regarding crypto assets) was still keeping smaller/regional banks from adopting and benefitting from this burgeoning technology.
Other Key Points Worth Highlighting
As things stand, a total of 13 companies have released public statements claiming that they are either already using or plan to make use of Ripple’s xRapid platform.
SendFriend and Euro Exim are two big name players that have publicly stated that they are making use of xRapid to facilitate their cross-border payments.
Some other firm’s that Ripple has partnered with include Bittrex, Bitso, Coins.ph, Bitstamp, Cuallix, Mercury FX, Catalyst, SBI Virtual Currencies etc.
A spokesperson for Mercury FX was recently quoted as saying that his firm was looking to expand its use of xRapid to regions like Canada, the Middle East etc in the near future.
Delatinne is of the opinion that whether or not FB’s upcoming crypto offering — the Libra coin — is successful, it will nonetheless introduce this burgeoning asset class to an all-new segment of investors and tech enthusiasts.