xRapid, a real time settlement platform of Ripple is now available for companies to use, news announced yesterday.
xRapid is a settlement platform intended to get global or international disbursements faster. This state of the art platform also gets rid of the need for a pre-financed nostro account. The products allegedly source liquidity from cryptocurrency XRP on international exchanges, make cross-border deals cheaper at the same time faster opposed to the typical modes.
This new platform, according to Ripple will be utilized by renowned payment providers like Cuallix and Mercury FX, and Catalyst Corporate Federal Credit Union, a well-known financial company. Brad Garlinghouse, CEO was set to announce this latest development at the star up yearly Swell meeting, this is a two-day conference attended by renowned business reps.
Brad is really enthused to bring this newest development into the market, most especially at a time when there’s a lot of skepticism on cryptocurrency as well as their actual use case, this is what Asheesh Birla, Senior VP of Product of Ripple said to CNBC.
Here is something where they are finding a ton of value as well as giving lots of value to their beloved clients utilizing cryptocurrencies to move money more effectively and safely. According to Ripple, there’s a disparity between it, a private firm, and XRP that is the local digital coin of an open source network popularly known as XRP Ledger. Most often there has been mystification between the two.
At present, Cuallix is operating the critical remittance corridor from the US to Mexico. Mercury FX, on the other hand, uses this new platform in Europe to Mexico remittance corridor. Catalyst Corporate Federal Credit Union will deploy this platform to make a new cross-border disbursement service.
A few months ago, Ripple collaborated with three digital currency exchanges including Bittrex, Bitso, and Philippine Coins. Ph, in its initiative to make a healthy environment of crypto exchange. They will use the new platform to mover between US dollars and XRP, Philippine and Mexican pesos respectively.
The value of XRP has augmented over the previous month. It surpasses the market cap of ETH and becoming the 2nd most prominent crypto on 21st and 26th of September. The value soars after the announcement that xCurrent platform will be utilized by PNC’s Treasury Management a US bank to speed up the cross-border deals and transactions.
At present, Ripple’s XRP is the 3rd most significant digital currency trading at approximately USd0.57 with the USD22.75bln market cap.