Ripple has added three cryptocurrency exchanges to its cross-border payments settlement product, according to a press release published August 16.
The new partners will enable Ripple’s xRapid payments solution to move between XRP and U.S.dollars, Mexican pesos, and Philippine pesos respectively. Ripple explained the operational principle like this:
“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”
XRapid is a liquidity solution for Ripple’s blockchain-based real-time gross settlement system, which is developed to facilitate international fiat transfers between financial institutions. Ripple Chief