Cryptocurrency

Financial Companies Analyse The Possibility to Start Using Ripple’s xRapid Product


Financial firms from different countries are analysing the possibility to start using Ripple’s xRapid product for cross-border payments. This time, the companies are Thailand’s Siam Commercial Bank (SCB) and MoneyNetInt, from the United Kingdom. This shows that there are several companies interested in Ripple’s products and what the company has to offer.

Financial Firms Get Closer to Blockchain and Ripple

On Twitter, a user asked SCB Thailand whether they will be working with XRP, the digital currency used by the Ripple protocol. The company answered on the recognized social network that they will be using Blockchain Technology for Ripple, but for XRP they “may have to wait for further announcement.”

At the same time, the platform from the United Kingdom, MoneyNetInt is going to be using XRP. The foreign exchange company is also a client of Ripple’s xCurrent. At the same time, the company is also seeing an increased demand for the speed and liquidity that XRP and crypto assets can provide to the market.

About it, the business development director of the company, Raphael Golan, commented:

“We’re now working on providing local payments in countries such as the US and the Philippines, both of which have large expat flows. We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays.”

At the moment, there are companies that are using Ripple and the XRP digital currency to source liquidity on-demand, which means that these firms do not need to deal with nostro and vostro accounts and the costs associated with them.

Moreover, Ripple has also rolled out xRapid for commercial use back in October 2018, when Bitcoin was close to reaching its bottom in the market. At the moment, the company was able to establish a route from Mexico to the Philippines. There are some firms such as Mercury FX that have already adopted the platform to move money between the two countries.

It is worth mentioning that the XRP digital asset is the third largest after Bitcoin (BTC) and Ethereum (ETH). According to CoinMarketCap, each XRP can be purchased for $0.3852 and it has a market capitalization of $16.22 billion.

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