Ripple has endorsed three cryptocurrency exchanges viz – Bittrex, Bitso and Coins.ph as its “preferred partners” for transacting with its xRapid payments service. It is a part of efforts to build out its new XRP ecosystem. These three exchanges were considered taking into account their XRP holdings.
Progress of Ripple
Chief markets strategist of Ripple – Cory Johnson spoke on lengths about the decision. He said that the firm is essentially encouraging to make use of the above three exchanges to all of its clients in the U.S., Mexico and the Philippines for sending funds using its xRapid service. However, there’s a condition for the financial institutions to convert the countries’ respective currencies into cryptos. They need to have accounts with the respective exchanges. He also said more names will soon be followed in the Ripple bouquet along with the three exchanges.
Johnson further added,
“So in the U.S. we’re saying the gold standard, our official partner is Bittrex. So any bank can go to Bittrex and have guaranteed liquidity on the spot, trade their dollars for XRP, zip over to Mexico to Bitso, our preferred partner there, and convert [to Mexican pesos],”
The three exchanges
Bittrex, Bitso and Coins.ph were chosen due to their XRP holdings. This will enable Ripple to provide higher levels of liquidity, says Johnson. He also remarked that “there’s a whole bunch of companies around the world that are using XRP and what we’re doing is identifying three other [exchanges] that have a lot of XRP liquidity and steering more liquidity their way.”
He further explained that
“The corridors we’re focused on [are] organic … we want to focus on busy corridors. We want to focus on places where there’s a very vibrant XRP marketplace, and we want to focus on places where we can have the most value”
Ripple has been making serious progress in the recent times to increase its reach among the masses.