Ripple hasn’t been in good news for past one month with all the crashing and trying to get back on feet. It is in need of a boost after falling about 65%, and the good news come with the announcement of two new partnerships for its xRapid pilot project.
The two companies to come onboard are IDT, a telecommunication company, and MercuryFX, which provides discounted foreign exchange rates. They will be the latest specialist to use the volatile cryptocurrency as part of their money transfer procedures.
XRapid is a project by Ripple that offer low cost, instant, and transparent transfers. Basically, XRP to become an intermediary currency. Ripple suggests that XRP and xRapid can be helpful to eliminate the need for costly intermediaries.
The addition of two new partnerships to xRapid can help Ripple soar and eliminate the notion of its cryptocurrency just being moody. MercuryFX, CEO and founder ALastair Constance wants to build a more customer friendly and transparent service, and he added,
“Ripple, XRP and fiat currency fit hand in glove. What we’re doing together is realizing one of the best use cases for frictionless transactions, which is international settlement. xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year. Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees.”
Also, Senior Vice President of IDT’s consumer payments business, Alfred O’Hagan said,
“Our BOSS Revolution international money transfer business routinely utilizes digital assets to generate liquidity in fiat currencies for our disbursement agents as part of our transaction settlement process. We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
XRP’s current market capacity is $56.1 billion