The software platform supposedly obtains liquidity from crypto currency XRP on exchanges worldwide, enabling cross-border dealings quicker and cost effective compared to conventional techniques.
The trial phase of xRapid was initiated in May, with the involvement of financial organizations and payment processors, such as MercuryFX and Cuallix. The firms which participated in the pilot transaction experience savings of 40% to 70%, along with an enhancement in transaction quickness, from 2 to 3 days to “just over two minutes.”
At present, Cuallix is overseeing the vital fund transfer channel from the U.S. to Mexico, while MercuryFX will seemingly install xRapid in the Europe to Mexico payment channel. According to the statement, Catalyst Corporate Federal Credit Union, which serves member and client credit unions in the U.S., will utilize xRapid to build a new cross-border fund transfer service.
Earlier in August, Ripple collaborated with three cryptocurrency exchanges — U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.Ph — to build a “healthy” network of cryptocurrency exchange. The parties will employ xRapid to exchange between XRP and the U.S. dollars, Mexican pesos, and Philippine pesos respectively.
XRP, the native token of Ripple has appreciated considerably over the past month, having outperformed Ethereum (ETH) by market capitalization and transforming into number two crypto on September 21 and September 26.
The rally followed the statement that Ripple’s xCurrent payment platform will be utilized by the US bank PNC’s Treasury Management unit to speed up cross-border dealings, as well as Ripple’s clue about the forthcoming xRapid launch.
At the time of writing this article, XRP is the third largest cryptocurrency, trading at roughly $0.5572 with a market capitalization of approximately $22.21 billion.