American startup Ripple offers software solutions for small and medium-sized businesses. The goal is to make cross-border payments faster and cheaper. Last year, the launch of xRapid as a commercial product was a huge success.
Since October of 2018, the number of companies integrating xRapid into their internal processes increased to 12. Ripple confirmed crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp to use the payment solution xRapid to improve transactions to the USA, Philippines, and Mexico.
Cuallix, Mercury FX and Catalyst Corporate are also planning to use xRapid for international transactions. Other interested companies testing the product or in a pilot phase are SBI Virtual Currencies, IDT, Viamericas, Sendfriend, and Bitrue. The demand for alternative payment processing systems is high and will continue to rise.
xRapid is used to execute cross-border payments. There is no need for a pre-financed Nostro account. xRapid obtains its liquidity from XRP in circulation on crypto exchanges worldwide. As a result, transactions are processed within a short time, usually just a few seconds, and at low cost compared to conventional methods of the traditional banking system.
RippleNet is a proprietary network, counting more than 120 partners. However, only a small number of partners is using xRapid. With the increasing acceptance of cryptocurrencies, xRapid could also grow as a solution for transactions.
Ripple (XRP) to get more base pairs
The expansion of base pairs for XRP continues. Singapore Stock Exchange Bitrue added 5 new base pairs. These include TRON, Stellar, NEO, GAS, and OmiseGo.
As promised, we are adding 🔥5 NEW $XRP-based pairs🔥 by end of the week! They are TRX, XLM, NEO, GAS and OMG!— Bitrue (@BitrueOfficial) January 2, 2019
For other top voted pairs like #ADA and #VET, we will list those tokens first and add them in the next round, which will be pretty soon!😍💪https://t.co/i7RmZi2Lxh pic.twitter.com/0BYn3Fmook
At the end of last year, one of the largest crypto exchanges in the world, Binance, added XRP as the base pair for Bitcoin and selected Altcoins, following a bid demand by the community.