Ripple and its new real-time settlement platform xRapid product have been making attention-grabbing headlines in the last few weeks. According to a recent report, a total of 12 firms have confirmed that they have either finished integrating or are planning to incorporate the technology.
The San Francisco-based blockchain start-up Ripple has confirmed through a statement that cryptocurrency exchanges Coins.ph, Bitso, Bitstamp, and Bittrex will utilize the product to speed up processing of cross-border transactions between the US and Mexico, and the US and Philippines.
Ripple also said the two payment providers and a cooperative company would deploy the technology to facilitate cheaper and faster transaction across borders. The two remittance companies are Cuallix, and London-based Mercury FX, as well as the cooperative firm Catalyst Corporate Federal Credit Union.
In addition to that, other companies including SendFriend, SBI Virtual Currencies and Bitrue have said they are looking forward to embracing xRapid soon.
Ripple plays an important role in the crypto industry
Ripple’s xRapid product went live for the first time in October. Brad Garlinghouse- CEO of Ripple- announced the launch of the product at the company’s annual Swell Conference attended by prominent figures including former US president Bill Clinton.
While xRapid has already entered into a partnership with a number of companies, the unresolved status of Ripple’s native token XRP appears to be playing on the minds of some investors.
According to the US Securities and Exchange Commission, Bitcoin and Ethereum are non-securities. In other words, they do not need to comply with the country’s disclosure, accreditation of investors and registration requirements. However, XRP is still floating in the regulatory limbo. The SEC is yet to rule whether the 3rd largest cryptocurrency by market cap is security or non-security. Should the financial watchdog rule XRP is not a security, the value of the token might skyrocket substantially.
At press time, Ripple’s coin XRP is trading at $0.36 and has a market cap of $14.8 billion, according to data from CoinMarketCap.