Ripple Launches Three Exchange Partnerships
The native currency connected to the Ripple blockchain, XRP, focuses on building a fast, low-cost network that cuts liquidity costs on payments across international borders.
According to a statement by Ripple, a stable economic system of cryptocurrencies around the globe can contribute greatly to xRapid’s success as it helps make xRapid’s system for payments in order to exchange them from any currency to XRP and vice versa faster and with minimum resources. The new partnership announcement is not only big news for Ripple, but also for XRP as a cryptocurrency.
The three partners that will be working alongside xRapid’s transfers are the US-centered Bittrex, Mexico’s Bitso, as well as Philippine's Coins.ph. This allows for easier and faster transactions in US Dollars, Philippine Pesos, and Mexican Pesos utilizing the network for xRapid.
For an easier explanation of the updated system and how it can affect the speed of transactions and overall efficiency, Ripple’s spokesperson has described an example as follows:
A firm that has signed up with Bittrex issues a US Dollars payment using xRapid, which will be converted to XRP. The XRP ledger settles the total in XRP. Then, Bitso converts the amount into fiat currencies that can be easily transferred to the desired account.
Future of Partnership
This is big news for the cryptocurrency space as the three cryptocurrencies are widely known for making online banking much easier. Ripple’s main mission is to make a bridge between cryptocurrency exchanges and countries. With three large influencers work together, they can achieve that goal faster and more efficiently.
Ripple’s popularity among users is sure to increase due to this recent announcement. The news has a real-world effect that will spread, and it is making this a big step towards the adoption of Ripple and XRP as well.