Yoni Assia, the CEO of the multi-asset platform eToro, confirmed that they are paying close attention to Ripple’s xRapid service. On Twitter, he released a picture in which it is possible to see Assia and Chris Larsen, the co-founder and Executive Chairman of Ripple.
Large Firms Could Implement The xRapid Solution
xRapid is the solution created by Ripple in order to process cross-border payments using the XRP digital asset to settle transactions. The virtual currency is used in specific liquid corridors that help firms and companies reduce their costs and improve their services.
At the same time, Assia had a meeting with Ripple’s CEO, Brad Garlinghouse, at the Paris Fintech Forum. At that time, they discussed a new partnership between the two firms.
Assia commented about it:
“I think as a fintech company it’s very important for us to foster relationships with other fintech companies. Obviously, we’re one of the largest trading platforms on XRP – so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
— Yoni Assia (@yoniassia) March 7, 2019
Another company that could be also partnering with Ripple to implement the xRapid solution is Binance, the largest cryptocurrency exchange in the market by market capitalization. Binance has recently added support for XRP as a base currency.
Binance could also start using xRapid in the future. According to Changpeng Zhao, the CEO of the platform, there is nothing going on right now, but in the future, they will want to add Ripple as a partner.
Another firm that is currently analyzing the possibility to implement the xRapid solution is SBI Holdings through its subsidiary SBI Virtual Currencies. Ripple is working with cryptocurrency exchanges in order to power xRapid as well.
Companies purchase XRP, send it to a crypto exchange in another country, and receive fiat currencies back. The process could be completed in a very short period of time compared to other services such as the ones offered by SWIFT.
At the moment, there are some exchanges working with the xRapid solution, including Bittrex, Coins.ph, Bitso and also Bitstamp.
Moreover, the currency exchange provider known as Mercury FX is currently using the xRapid service. Enterprises and individuals can move funds using the XRP virtual currency.
This shows that the interest in the xRapid product is growing among businesses. There are many benefits of using this digital asset and the services provided by Ripple.