Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple Partner Euro Exim Bank Successfully Integrates XRP-Powered xRapid

by Daily Hodl Staff
February 3, 2019
in Altcoins

The first bank to officially adopt Ripple’s XRP-powered xRapid says it has successfully implemented the technology. In a new interview with Trade Finance Global, the bank’s head of compliance and operations Graham Bright says its developers are working closely to ensure everything is running smoothly.

“We had already created a cloud-based blockchain enabled trade finance application, so it was a quick decision to join other global Ripple participants for the first project, namely using the xCurrent service where institutions are able to instantly settle cross-border payments with end-to-end tracking and visibility.

Euro Exim Bank are now working closely with technical resources at Ripple, and have successfully implemented the xRapid system for customers requiring low value remittances in currencies and jurisdictions typically subject to large exchange costs, costly liquidity and delivery time and acceptance issues. Using underlying XRP digital assets (not mined or subjected to wild price fluctuation) through registered exchanges which minimise liquidity costs, local recipients may be paid in local currency, assisting the secure flow of money and reduce cash flow restrictions.”

So far, the bank has not revealed any data on real-world transactions sent utilizing xRapid.

Ripple launched xRapid for commercial production in October. The software solution is designed to be a regulatory-compliant way for banks and financial institutions to use XRP. It essentially allows companies to convert their local currency to XRP and send the digital asset to another country, where it’s immediately converted back to fiat. The whole process is designed to take a couple of minutes from start to finish, with the amount of time the funds are in XRP limited to a matter of seconds.

Euro Exim Bank is headquartered in in St. Lucia and has a representative office in London. The company specializes in “connecting corporate buyers and sellers, enabling businesses to economically and efficiently export and import goods and services.”

According to its website, the bank has a Class A international banking license and is permitted to operate an international banking business from St. Lucia.

Ripple CEO Brad Garlinghouse has said he expects dozens of banks to utilize xRapid this year. So far, Euro Exim Bank is the first and only to bank to sign up. Ripple has more than 200 banks and financial institutions on board with its other cross-border payment solution xCurrent, which does not utilize XRP.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap
    August 8, 2022
  • Bware Labs Announces the Blast Incentivized Testnet, Code-Named Houston
    August 8, 2022
  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
  • Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network
    August 2, 2022
  • Serenity Shield and Digital Insights Announce Strategic Partnership
    August 2, 2022
  • Crypto Platform Phemex Becomes Partner of Université Paris Dauphine – PSL To Support Research on DeFi and Cryptocurrency
    August 1, 2022
  • Open Loot Announces Partnership With Hit Factor’s War Park
    August 1, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,090.19
$23,090.19
3.44%
Ethereum
$1,685.79
$1,685.79
4.56%
Cardano
$0.508755
$0.508755
4.59%
XRP
$0.364082
$0.364082
4.12%
Dogecoin
$0.069139
$0.069139
0.86%

Spotlight

  • Bitcoin Flashes Rare Bottom Signal As Altcoin Market Cap and One More Metric Hint at Trend Reversal: Top Analyst
    August 3, 2022
  • Coinbase Officially Adds Support for Two Under-the-Radar Altcoins After Recent Roadmap Listings
    August 5, 2022
  • Vitalik Buterin Issues Rare Ethereum Price Prediction As Highly Anticipated Merge Approaches
    August 8, 2022
  • Early Terra (LUNA) Investor Reveals $3,600,000,000 Loss Following Historic Crypto Collapse: Report
    August 3, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl