Ripple’s Mexican Partner Cuallix Affirms That Using xRapid In Mexico Has Many Advantages
Ripple’s partner for Mexico is a company called Cuallix, which has started the partnership with the multinational crypto company in order to make better cross-border payments. Now, the CFO of Cuallix, Nicolas Palacios, has spoken about how the company can use Ripple’s product, xRapid, as a way to make these transactions more efficient and how Ripple is the only choice for this now.
Nicolas Palacios used Twitter to describe how to use xRapid to solve the problems of cross-border transactions in Mexico. He spoke at the Swell Conference, in which he defended Ripple and the project of the company.
According to Nicolas Palacios, Ripple’s xRapid is faster and far more efficient and transparent than the other choices. He affirmed that Mexico has a great need for products like this one and that they are the only ones using it in the country.
Also, the man affirmed that the whole population could be benefitted from products like Ripple’s xRapid, as the country really needs a good set of financial products and payment solutions. With xCurrent, xRapid and Xvia, all the Ripple products, he believes that this need might have found its answer in the country.
Cuallix is a financial institution that has operations in three countries: Mexico, the United States and Hong Kong. The company already exists for over 25 years and it is focused on finding credit and payment processing options for both individual and institutional customers. All the products of the company are based on the financial system in the digital world.
Ripple and Cuallix first started their partnership almost a year ago at the beginning of 2018. The partnership started as Cuallix used xRapid on its platform for the first time, which led the company to win the Blockchain Innovators prize in 2018.
People Commented On Twitter
AMB Crypto, which has also reported on this story, has taken its time to pay attention to the social media reaction to the announcement. While some people seemed hyped about the partnership and all the benefits that it could bring to Mexicans, some others were not as enthusiastic because they feel like other countries have been excluded.
For instance, the user @Victorpires85 has complained that we only hear about the Philippines and Mexico and that many other developing countries are out of the plans. He cited Peru, Brazil, Argentina, South Africa, Angola, Vietnam, Indonesia and Mongolia as some of the countries that could use these solutions but do not have clear plans to use it.
Another user, @Thefist18, has pointed out that he has “heard” of cross-border transactions between Japan and Brazil that are being tested by a company whose name he does not remember.
The fact is that not only Mexico and the Philippines will benefit from the technology, as, with time, all the world will finally be able to use a proper blockchain cross-border technology in order to make faster and more reliable transactions.