The company partners with US-based Bittrex, Mexican Bitso, and Philippine Coins.Ph cryptocurrency trading platforms as part of its initiative to develop an ecosystem of digital asset exchange.
xRapid is a liquidity solution for Ripple’s blockchain-based real-time gross settlement system, developed to facilitate international fiat transfers between financial institutions. The payments solution will be enabled by the new partners to move between XRP and USD, MXN, and PHP, respectively.
According to Cointelegraph, in May 2018, financial institutions who were part of the pilot of xRapid platform, which trialed payments between the US and Mexico, reported transaction savings of 40-70%. In addition, the participants observed an improvement in transaction speed from two or three days to approximately two minutes, the publication continues.
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