The San Francisco-based blockchain company Ripple wants to increase their presence in the world. According to the SVP of product at the firm Asheesh Birla, Ripple is working on expanding their XRP-powered cross-border payment product xRapid.
Birla touched on many topics in an ask-me-anything session on YouTube. He talked about the company’s strategies and plans for its native currency XRP as well as xRapid. Here is what he said:
“On-demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.
I know our product teams, and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”
The advantages of using xRapid are numerous. Apart from efficiency and lightning speed, the cost aspects where unlike absurd SWIFT’s charges, transactions via xRapid are almost free. This has given it an edge over traditional money transfer systems. Despite the advantages, banks are reluctant to embrace it due to a lack of regulatory clarity.
Ripple is ready to partner with any cryptocurrency exchange that accepts fiat from traditional banking institutions. Already, three crypto exchanges – Coins.Ph, Bitso and Bittrex – have partnered with Ripple. They have agreed to use xRapid to facilitate their cross-border transactions.
Mercury FX is one of the payment companies that have adopted xRapid. It recently launched its xRapid-powered payment corridor to Mexico and the Philippines. And it has already completed its first payment using the product by sending money from the United Kingdom to the Philippines. The company also revealed plans to launch up to ten payment corridors using xRapid by around June of 2019, including routes to the Middle East and North America.