On the 16th of August, the Ripple company announced that it was partnering with the three exchanges of Bittrex, Bitso, and Coins.ph to further their xRapid operations. xRapid will function in conjunction with banks and remittance service providers, in the countries of the United States, Mexico, and the Philippines. Further expanding on the partnerships, each of these exchanges specializes in the individual currencies of these three countries: the USD, Mexican Peso, and Philippine Peso. Sending money between these three countries will be made simpler via xRapid that uses XRP as a source of instant liquidity rather than the traditional Forex brokers.
The xRapid payment flow using the example of the United States to Mexico will be as follows:
- A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex
- The payment amount in XRP is settled over the XRP Ledger.
- Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.
In the case of US to the Philippines, we replace Bitso in the above steps with Coins.ph. The same applies to the other ways of sending funds within the countries but XRP remains the constant source of instant liquidity.
Cory Johnson, Chief Market Strategist at Ripple had this to say:
“Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid. We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Further analyzing Cory Johnson’s comments, we find that xRapid is still in the beta phase of development. Full operations are still in the pipeline. Once xRapid is 100% operational, XRP will be in constant demand since the process of sending money across borders is a 24 hour, 7 days a week, 365-day affair. This demand will result in the increase in value of XRP in the exchanges once more remittances across the globe continue to use xRapid in these 3 countries.
We are also reminded that Brad Garlinghouse had famously stated back in May that dozens of banks will be using xRapid by next year. Next year is less than 6 months away, therefore, the time is now to get some cheap XRP in the crypto markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
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Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
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The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
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