To build a healthy ecosystem of digital asset exchange, Ripple has partnered with US-based Bittrex, Mexican based Bitso and Philippine-based Coins.ph cryptocurrency trading platforms.
The three new partners will enable payments between XRP and US dollars, Mexican Pesos and Philippine Pesos respectively. Here are the words from Ripple on this operation:
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.
In a blog post by Bussiness Wire:
Here’s what an xRapid payment flow will look like:
1. A financial institution, that has an account with Bittrex, initiates a payment in U.S. dollars via xRapid which is instantly converted into XRP on Bittrex.
2. The payment amount in XRP is settled over the XRP Ledger.
3. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.
Source: Coin Telegraph