Blockchain payments company Ripple has added three new exchange partners to its cross-border payments product xRapid.
In a step to develop a healthy ecosystem of digital asset exchange partners, the company has partnered with Bittrex, Bitso and Coins.Ph cryptocurrency trading platforms.
Following the partnership, Bittrex will be the preferred digital asset exchange for xRapid transactions moving through US currency. However, Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos respectively.
The new partnerships will facilitate xRapid payments to move from one currency into XRP and then convert into another swiftly.
Improving the Ripple exchange
Ripple chief market strategist Cory Johnson said: “Bittrex is one of the biggest names in digital asset trading in the US. 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.”
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Now, an xRapid remittance from the US to Mexico can be initiated by any financial institution with Bittrex account. The payment in US dollars via xRapid is converted into XRP on Bittrex and settled over the XRP Ledger.
Subsequently, Bitso will convert the XRP into Mexican currency and will transfer into the destination bank account.