According to a press release published on August 16, Ripple added three cryptocurrency exchanges to its cross-border payment settlement product.
XRP has combined with U.S. based, Mexican Bitso and Philippine Coins. To build the “Healthy” ecosystem of Digital Asset Exchange, within the PH Cryptocurrency Trading Platform.
New partners are XRP and US respectively To transfer between Dollar, Mexican Pesos, and Philippine Pesos, Ripple will enable the xRapid payment solution.
XRapid Ripple is a liquidity solution for the blockchain-based real-time gross settlement system, which has been developed to facilitate international fiat transfer among financial institutions.
In May, financial institutions who participated in the pilot of the xRapid platform, And Mexico, reported 40-70 percent of the transaction’s savings. Additionally, participants noticed an improvement in the speed of the transaction “more than two minutes” from 2-3 days.
Ripple’s chief cryptographer David Schwartz claimed that while referring to less scalability and privacy problems, banks are unlikely to deploy Blockchain to process international payments.
At the beginning of this week, Ripple is considering breaking up in the Chinese market so that international payments can be accelerated with blockchain technology. Jeremy Light, vice president of European Union strategic accounts, said: “China is definitely a country and a region of interest.”