Most of the news about
Ripple last month was negative. The company’s XRP token needed a boost as it had dropped by 65% while on a massive rise. Ripple announced this week that it will form two new partnerships for the xRapid pilot project.
According to reports, a telecommunications company and an international payments specialist have announced that Ripple has a high degree of investment as part of its money transfer operations. which will use price variability. The company will sign agreements with IDT Corp, a New Jersey-based telecommunications provider, and MercuryFX, which offers foreign exchange rates.
XRapid Project
Ripple has launched a project called xRapid that facilitates global money transfers using XRP as a currency medium. As the money remittance market grows, the need for instant, low-cost and transparent transfers also increases.. According to the company blog, global remittances involving high-income countries are estimated to be $596 billion in 2017.
With Ripple, xRapid, and XRP, financial institutions use expensive money brokers or pre-funded Nostro accounts.
New Partners
The addition of new partners that will actively use XRapid and XRP is a big deal for Ripple, which needs to stay away from the concept of cryptocurrencies that are used only for prediction purposes. it is important. MercuryFX, the leading global currency exchange provider, wants to develop a more efficient and transparent customer service that works in real time. MercuryFX CEO and founder Alastair Constance said:
“We are combining Ripple, XRP and fiat currency. What we are working with is to realize one of the best use cases for seamless transactions based on international agreement.. xRapid allows us to lower the cost of currency trading and global settlement, make our clients more competitive and save tens of millions of dollars each year. Digital assets promise fast transactions, but XRP is much faster than all of them, including Bitcoin.. It will reduce deal times between hours and days to just three seconds or less, removing billions of dollars in unnecessary brokerage fees”.
Telecommunications company IDT also wants its customers to be able to send low-cost global payments. Alfredo O’Hagan, senior vice president of consumer payments business at IDT, informed:
“Our BOSS Revolution international money transfer company is responsible for our payment charges as part of the transaction process. routinely uses digital assets to provide liquidity to fiat currencies. Excited to try Ripple’s xRapid solution for on-demand liquidity. We hope that XRapid will enable us to solve more transactions in real time and at lower cost”.
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