The advent of blockchain technology like Ripple, the grand master of cross border remittance services, has profoundly made transaction a piece of cake. Ripple, in a latest update highlighted that its tool, xRapid has been all over the place, and now, it has featured in U.S. and Mexico to save financial institutions 40-70 percent transaction cost.
“For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers”.
The blockchain firm aired the news after conducting a successfully pilot test on xRapid service, which was used to send money from US to Mexico. The result inferred a cost effective and faster transaction.
In the press release, it was also stated that earlier, using traditional means, cross border transaction requires 2-3 days for completion, but with the aid of xRapid, an average of 2 minutes is required. The detail means that transaction that uses XRP Ledger last 2-3 seconds with added processing time while it move across “intermediary digital asset exchanges and local payment rails,” the SVP of Product at Ripple, Asheesh Birla stated.
“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility.”
“XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second.”
The XRP team stated that it ran the test for transitions between the two countries because, U.S. to Mexico transaction market is a highly competitive and popular one inundated with multiples transactions.
While the market remains competitive, most of the remittance firm source for means to remain reliable in the market by either tying down their capital by pre-funding bank accounts in Mexico or pay for expensive and slow banks means. Evident of this, it is now pertinent upon the firms to see xRapid as golden opportunity to tap into.
The CEO of Viamericas, a remittance company in Mexico, Paul Dwyer in his statement displayed excitement at the development, averring that his firm his ready to use XRP for transactions and he believes the tool will play major roles in cross border transfers.
“We were very pleased with our pilot results. It’s clear that xRapid can lower liquidity costs while increasing payment speed and transparency in a way that facilitates rigorous compliance controls”.
“We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure as their adoption grows. We look forward to exploring next steps with Ripple.”
At the same time, another fund transmitting firm, Mercury FX, through its founder, Alastair Constance said xRapid delivers transactions at incredible speed with low cost.
“Mercury is delighted with the incredible speed and cost-efficiency of the xRapid pilot phase and is excited about a production rollout in the near future.”
“To date, the Ripple collaboration has been a great success.”
XRP To Go Live On Coinbit Tomorrow.
As if Ripple is the only coin in the market or a crypto predominantly established with sundry of innate developments, the altcoin, through its tool, XRP, will tomorrow be featured in another great development that will surely add a feather to its cap in the market.
In a news disclosed on Twitter today by Coinbit Global, a crypto exchange platform offering different coin for trade, it was made known that the exchange will be adding 50 coins to its platform by May 11, 2015, featuring Ripple among the Cryptocurrencies.
“Hi, Trustworthy cryptocurrency exchange Coinbit. On May 11 2018, listed 50 kinds of coins will be released when Coinbit service opens”!
“Come to celebrate the launch of the service and get a free a month free trading fee,” Coinbit tweeted.
Other prominent crypto coins that will be listed on the Korean exchange includes, Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ardor (ARDR), NXT (NXT), EOS(EOS), Litecoin(LTC) Ethereum (ETH) and Ethereum Classic (ETC), among others. Although the space has been a bit hostile for Ripple for some days back as the blockchain company was hit with lawsuits filed against it for an alleged involvement in XRP token sale manipulation and the recent bearish market. But Ripple, with the effort of its team still remains a formidable altcoin up in the air. With time, Ripple will surely get over its present predicament if it continues with this pace.