Transferring $1,000 USD At A Time Costs As Low As 2 Cents Via Ripple’s xRapid

Transfering $1,000 USD at Times Cost As Low As 2 Cents Via xRapid

Ripple’s xRapid solution for payment providers and financial institutions provides the benefit of minimizing liquidity costs while improving their customer experience. By utilizing XRP, xRapid dramatically lowers the capital requirements for liquidity in the form of pre-funded local currency accounts around the world that typically is the case for payments into emerging markets.

The most XRP- intensive product for cross border payments, xRapid is currently used by a number of companies viz. Cuallix, Mercury FX, ID, Catalyst Corporate Federal Credit Union, SendFriend, Euro Exim bank, SBI Holdings, Cambridge FX, MoneyGram, Western Union, Viamericas, and TranspayGo.

Earlier this year, Ripple CEO Brad Garlinghouse had said in an interview,

“Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that as people are starting to use XRapid because it’s better, faster and cheaper.”

xRapid certainly offers a good saving in costs as Ripple supporter, @hmatejx shares the latest information on Twitter where he points out the extremely low cost involved in transferring money. This could be as low as 2 cents in sending $1000 USD or $5 USD for transferring $5,000 at certain periods.

Though so far only small businesses and a few banks are using it to offer cross border payments, Garlinghouse is confident that banks will start using xRapid by the end of 2019.

In another event, Ripple dominance at default UNL is at an all-time low of 24 percent as now there are 76 percent non Ripple validators. The UNL is a feature on XRP Ledger that allows a list of validators to be consulted for each transaction.

Bakkt’s Latest Acquisition Supports 13 Blockchain Including XRP Ledger

The much anticipated Bakkt platform announced on April 29 that has acquired Digital Asset Custody Company (DACC). In its official announcement, Bakkt COO, Adam White said DACC share its security-first mindset and brings extensive experience of offering secure, scalable custody solutions to institutional clients.

The team has experience in integrating multiple blockchains and per DACC’s website, it supports 13 blockchains and over 100 tokens including XRP.

Source: Digital asset custody

White further states, “As we look to scale and support custody of additional digital assets, DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator.”

Meanwhile, the second largest digital asset XRP has been trading at $0.307 with 24-hours gains of 3.98 percent, as per Coinmarketcap data.

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