Ripple has added three cryptocurrency exchanges to its cross-border payments settlement product, according to a press release published August 16.
Ripple has partnered with U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.Ph cryptocurrency trading platforms within its initiative to build a “healthy” ecosystem of digital asset exchange.
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.”