Ripple has partnered with Bittrex, one of the largest cryptocurrency exchanges in the US by volume, to use its XRP-powered platform xRapid for cross border transactions. Ripple also announced partnerships with crypto exchanges Bitso and Coins.ph.
“Today, we’re pleased to announce Bittrex will act as the preferred digital asset exchange for xRapid transactions that move through US Dollars. In addition, Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos, respectively.”
This is how an xRapid payment flow will work between the US (Bittrex) and Mexico (Bitso):
- A financial institution with an account with Bittrex initiates a payment in US dollars via xRapid
- The US dollars are instantly converted into XRP on Bittrex
- The payment is settled over the XRP Ledger in XRP
- Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account
The move is a new step forward in Ripple’s efforts to push the mainstream adoption of xRapid and XRP.
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies,” says Ripple chief marketing strategist Cory Johnson.
You can check out the full list of companies using and testing xRapid here.