Ripple signs three new xRapid exchange partners

Ripple has signed collaboration deals with three new digital asset exchange partners for xRapid – the company’s cross-border payments product.

xRapid is reliant on a healthy ecosystem of global digital asset exchange partners, enabling payments to move between currencies and XRP quickly and efficiently.

The new deals include Bittrex, which will now be the preferred digital asset exchange for transactions that move through US dollars, as well as Bitso and, which will be the preferred exchanges for Mexican Pesos and Philippine Pesos respectively.

Cory Johnson, chief market strategist at Ripple, commented: “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.”

Ron Hose, chief executive, said: “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10 million+ overseas filipino workers.”

In May, Ripple announced that financial institutions piloting xRapid saved 40-70 per cent on average compared to traditional foreign exchange brokers who facilitate cross-border payments. The payments also settled in two minutes or less compared to two to three days from traditional methods.

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