The official news has confirmed that xRapid, the cross-border settlement platform mainly known for the low liquidity cost is now encouraging low-cost payment, extraordinary speed as well as access to the XRP, digital assets.
However, in order to be more civilized and the leading platform, it will have to work on building the healthy ecosystem for the trading of digital assets across the world. These trading will eventually enable the xRapid payments to convert from one currency to the other with more efficiency.
The team is proud and pleased to introduce Bittrex as it will surely act as the base for the required digital asset exchange for the xRapid payment that works with US dollars. Apart from this, Coins.ph will be considered for Philippine Pesos and Bitso for Mexican Pesos.
Here’s what an xRapid payment flow will look like from the U.S. to Mexico:
- A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
- The payment amount in XRP is settled over the XRP Ledger.
- Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.
Furthermore, the payment stored in XRP can be settled in the XRP ledger. In addition, Bitso with the support of Mexican Peso it can change into fiat from XRP that can be further saved into the final bank account.
The Chief Market Strategist of Ripple, Cory Johnson mentioned that Bittrex is one of the recognized digital asset trading platforms in the U.S. The same strategies stands for the Coins.ph and Bitso in the Philippines and Mexico respectively.
The platform has already witnessed many xRapid pilots and now planning to encourage beta to further production by the end of this year. He further added that with the help of these exchange projects it will enable the team to formulate financial institutions with the assurance that their transaction will process into different coins without any disturbance.
Ripple in May revealed that xRapid pilots based on financial institutions have secured around 40-70% in comparison to the other traditional exchange platform having the cross-border payments.
Moreover, the transaction is processed within two minutes and if not then hardly one or two days. For getting detailed information kindly visit the official website of xRapid.