As reported Dailyhodl, Ripple and Bittrex, one of the largest cryptocurrency exchanges in the United States in trading volume, agreed that the latter will use XRP platform for international payments. Also Ripple announced a partnership with cryptomeria Bitso and Coins.ph. The company writes:
We are pleased to announce that Bittrex will act as the recommended for crypto currency exchange transactions xRapid that are tied to the U.S. dollar. In addition, Bitso and Coins.ph will be recommended exchange for the Mexican peso and Philippine peso respectively.
That is, the transaction xRapid will work between US (Bittrex) and Mexico (Bitso) thus:
- financial institution account on Bittrex initiates payment in dollars via xRapid;
- dollars instantly turn into XRP on Bittrex;
- payment is sent to the XRP Ledger;
- Bitso through its pool of liquidity for Mexican peso instantly convert XRP to Fiat, which is then sent to the Bank account of the recipient.
This cooperation is another step Ripple in the wider introduction xRapid and XRP. Chief specialist at Ripple marketing Corey Johnson says:
We have seen several successful pilot projects xRapid, and as you move from beta to full product these exchanges will allow us to provide financial institutions with the comfort and confidence that their payments will be free to move in different currencies.
The full list of companies that use and test xRapid can be found here.
We will remind, in June the General Director of Ripple brad Garlinghouse said that dozens of banks will use XRP to the end of next year as a tool of liquidity.