The number of companies adopting Ripple’s XRP-powered cross-border payment solution xRapid is expanding. A total of 12 companies have now confirmed they have either implemented or plan to utilize the technology.
So far, Ripple has confirmed crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp will use the software solution to boost payments between the US and the Philippines, and the US and Mexico.
Ripple also says payment platforms Cuallix, Mercury FX, and Catalyst Corporate Federal Credit Union will use xRapid to improve the speed of their customer’s cross-border payments.
Outside of that, five additional companies have announced that they plan to implement xRapid in the future.
Ripple launched xRapid for commercial production in October, highlighting its use case as a regulatory compliant way to use digital assets to send payments from one part of the world to another.
“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.”
You can check out the company’s plans for the future of xRapid here.