Cryptocurrency
Ripple Event Reveal: 3 Companies Are Now Using XRP for Real Payments via @coindesk
As reported by Coindesk, “After a series of highly-publicized pilots, three companies are now making commercial use of Ripple’s xRapid product. “XRapid employs the digital asset XRP, using it as a ‘bridge currency’ in cross-border payments, which according to the company, reduces the cost and increases the speed of these payments by boosting liquidity. “The […]
As reported by Coindesk, “After a series of highly-publicized pilots, three companies are now making commercial use of Ripple’s xRapid product.
“XRapid employs the digital asset XRP, using it as a ‘bridge currency’ in cross-border payments, which according to the company, reduces the cost and increases the speed of these payments by boosting liquidity.
“The three companies – MercuryFX, Cuallix and Catalyst Corporate Credit Union – were announced by Ripple CEO Brad Garlinghouse on stage at Ripple’s Swell conference in San Francisco today, marking the first time companies have put the product to commercial use.
“MercuryFX, which helps clients send and receive international payments; and Cuallix, which facilitates remittances between the U.S. and Mexico; had previously announced pilots using xRapid.
“Catalyst Corporate Federal Credit Union, which provides a range of financial services to around 1,400 credit unions, primarily in the western and southwestern U.S., is a new partner for Ripple.
“A number of other firms have trialed xRapid in the past, including Western Union, MoneyGram, Viamericas and IDT. These firms are not putting xRapid into production at this time, Ripple SVP of product Asheesh Birla told CoinDesk, but he added, ‘we are still working on next steps’ with some of them.”