Ripple’s popularity has largely been for its instantaneous cross-border payments, which has earned it accolades from traditional financial institutions and even in the media. Even though there has been controversy over whether Ripple’s XRP token should be considered a security, Ripple has been focusing on the onboarding of new companies with their payment processing benefits. According to a report, there are 19 companies that either have already implemented XRP for cross-border payments or that they are planning two.
Ripple itself has confirmed that Bittrex, Coins.ph, Bitso, and Bitstamp have all joined xRapid, the XRP-based payment solution at Ripple. With the help of the exchanges, banks and other financial institutions can move their funds across borders, using XRP. One of the most recent companies to announce the XRP integration is R3, a blockchain software firm that aims to use XRP as part of the settlement platform.
Read on below to learn a little more about each of these companies involved with xRapid.
Euro Exim Bank
Euro Exim Bank was the first one to decide to fully integrate the technology, starting the first quarter of 2019. The head of compliance and operations, Graham Bright, said that the goal of their company is to be able to use XRP as a vessel to demonstrate how fast and efficient the crypto industry is. The bank found interest in xRapid after the Swell conference in San Francisco in 2018.
Bittrex is considered to be one of the largest cryptocurrency exchanges by volume in the US. At the same time that their addition to xRapid was announced, the company announced partnerships with Bitso and Coins.ph. With the addition of both banks, cross-border payments between Mexico and the United States becomes instant.
Bitso, as stated above, was added in an effort to ensure that US dollars and Mexican Pesos could be easily transferred and converted within the banks. As the xRapid network continued to expand, most countries have a fast link between their currencies, leading to the addition of Coins.ph as well.
As Coins.ph was added, consumers were given the opportunity to send their Philippine Pesos across borders. In fact, as soon as Bittrex, Bitso, and Coins.ph were added to the lineup of partnerships with Ripple, the company announced that the two latter would be deemed the preferred platforms from which to exchange their countries’ respective currencies.
Bitstamp was the fourth addition to xRapid, and it is one of the biggest crypto exchanges that has already been established in Europe. The addition of Bitstamp happened in December of last year, expanding the network even further.
Cuallix has over two decades of history as a financial institution within Mexico, the United States, and Hong Kong. Though it is not a bank, it has been able to serve both banked and unbanked customers. Though it was not the first platform added to the xRapid network, is was the first to use XRP as a liquidity tool.
Mercury FX was originally founded in London, offering exchange rates and lower fees that were offering better deals than the local banks. With an established place in the Interbank FX markets, the company has the same support of hedge funds, but with better rates. Their first commercial payment with xRapid was just completed this week.
The Catalyst Corporate Federal Union was officially added in October last year, and they operate as a co-op financial institution with over 1400 client and member credit unions within the United States. Speaking on the new addition to xRapid, senior VP and COO Brad Ganey commented that the use of blockchain and xRapid helps to solve the challenges of price, speed, and “ease-of-use perspective.”
SBI Virtual Currencies
SBI Virtual Currencies only just released their digital asset exchange, but their first announcement for the launch is that the only digital asset planned to be supported at that time would be XRP. The company is the leader in financial services in Japan, and the partnership fulfills the high demand for XRP in Japan.
IDT decided to integrate xRapid in an effort to quickly settle retail payments, which is a multi-billion-dollar market. IDT Corporation will also be used in the settlement of corporate transaction. As a telecommunications company, the main goal of this firm was to ensure that their customers can save money on global payments.
Viamericas is known to the world as a licensed international transmitter for global money transfers, along with check processing and bill payments. Part of the purpose of its addition was to lower the liquidity cost of these payments, following the addition of Cuallix, IDT, and Mercury FX.
SendFriend was launched in an effort to help citizens in the Philippines to be able to send their income and other sources of funds back to their families at home. This project, created by CEO and founder David Lighton, partnered with Ripple for xRapid’s ability to settle payments in real time. Much of the emphasis was on the lack of necessity for pre-funding, and the reduced risk when sending payments.
FlashFX announced that they would be launching their new payments solution with xRapid in 2016, meant to make the foreign exchange easier in Australia. The addition reduced transaction times to almost nothing, and also minimized the cost of these cross-border payments. Ripple and FlashFX found common ground quickly in their shared vision of the Internet of Value, and the ease of use they wanted to implement with foreign remittance.
Arrington Capital was an easy partnership to establish, considering the admiration that founder Michael Arrington has continually expressed regarding its fast speeds. In an interview in August last year, Arrington expressed that his platform actually wanted to be the first hedge fund to be denominated in cryptocurrency. He said that XRP was “the best” for that purpose because of the cheap and fast transaction times, though he said that it is a “little bit more centralized” than Bitcoin.
In December, the Bitrue CEO expressed that they planned to get involved with xRapid. The Singapore-based platform has continually boasted about its security in the buying, selling, storage, and transferring of digital currency. About two months ago, the company posted a survey on Twitter to gauge what the current XRP community thought of their platform to discover what their next step would be.
JNFX is a foreign exchange firm that is based out of London. In January, Ripple announced that they would be using XRP for payment processing for their clients for liquidity on-demand. Established in 2007, the company executives and advises on non-speculative and speculative trading.
FTCS, or Financial Transaction Control Systems, is based out of Stockholm, as a company building financial infrastructure. Like JNFX, this company agreed in January with Ripple that XRP would be their liquidity on-demand when it comes to payment processing. Presently, FTCS is trading at $52.48 per share in the US stock market, according to the NASDAQ.
Transpaygo became one of the latest partners to join Ripple and use the xRapid technology in late January this year. By adding them to the xRapid network, cross-border payments in Mexico and the Philippines were further supported, even though this option was already established when Bittrex, Bitso, and Coins.ph were added. The cost reduction that xRapid offered was the most appealing part of the deal for Transpaygo.
R3 has had some legal issues regarding Ripple, but it seems that everything is fine now, because R3 recently launched an app that specifically uses XRP for global payments in both traditional and blockchain enterprises. The app, Corda Settler, used XRP as the “first settlement mechanism,” though it will eventually add other digital and traditional assets.
How These Partnerships Effect Ripple Price Prediction
As we can see, these 19 specific partnerships with the Ripple suite of products and XRP cryptocurrency are something to behold and breathe's new life into the RippleNet future. While no ripple price prediction for XRP's value can be taken with sincere certainty, the popular coin sits at #3 with a price of $0.31 and a trading volume of $618,000 and a market cap of $12.93 billion at the time of writing. While things will surely rise given the next bull market run and all these partnerships, many think Litecoin (LTC) will surpass Ripple given all of its new advancements as well.