Ripple has long been talked about in high esteem for the benefits it can have when acting as a payment system. Many banks and other payment providers have looked at the benefits in depth, with many notable parties deciding to implement Ripple into their daily operations.
Now the company has made their final decision as to what three cryptocurrency exchanges are going to be allowed to facilitate their xRapid payments solution that works cross-border and caters for banks that utilise XRP.
The exchanges in question are Coin.Ph, Bits and Bittrex. These are located in the Philippines, Mexico and the United States, so there is a broad reach with the selected exchanges. Ripple wants to use these exchanges in order to cement into place their xRapdid ecosystem that means that XRP can be used with use in banks all across the world.
Payments can then be changed from a given currency into XRP and then immediately changed to a different currency in the blink of an eye, which makes it extremely efficient.
The three selected exchanges are going to be dealing with payment flows that concern the Philippines Peso, the Mexican Peso and US dollars. In basic terms, any payments made internationally through these selected currencies will be placed upon the XRP Ledger as they are to be settled via XRP.
Of course, the actual deposits and the withdrawals as part of these payment transfers will be completed via fiat currencies.
It is certainly an important step for this project as they look to become more acceptable to payments providers and financial institutions across the world. A lot of banks had been using xCurrent instead, which utilises Ripplenet and eliminates XRP from the process.
There are many experts in the industry who are excited about the prospects of xRapid and it looks set to be a potential game changer, as it allows transactions to be fulfilled in a matter of seconds.