Ripple Transaction Protocol continues to find new users as the financial industry moves into distributed ledger technology, with Ripple finding adoption of xRapid in the $569 billion remittance market. IDT Corporation and MercuryFX have signed up to trial Ripple’s xRapid real-time liquidity platform to settle retail remittances using virtual currency XRP. MoneyGram and Cuallix have already joined XRP.
Alastair Constance, Chief Executive Officer and founder of Mercury FX, said: “Ripple, XRP and fiat currency fit hand in glove. What we’re doing together is realizing one of the best use cases for frictionless transactions, which is international settlement. xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year. Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees.”
Alfredo O’Hagan, senior vice president of IDT’s consumer payments business, commented: “Our Boss Revolution international money transfer business routinely utilizes digital assets to generate liquidity in fiat currencies for our disbursement agents as part of our transaction settlement process. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
Brad Garlinghouse, CEO of Ripple, said: “Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We’re excited to have them at the forefront of the Internet of Value.”
In November 2017, Ripple gained renewed attention by appointing BitLicense architect Benjamin Lawsky to the Board of Directors. Since then, the price of XRP shot up towards the $3.65 high in January 2018.
Currency brokers are rushing in to allow cryptocurrency trading. Ripple (XRP) is listed in over 50 exchange through CEX.io, and available for trading in free stock trading app Robinhood, Swissquote, ThinkMarkets, and Admiral Markets, among many others.