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The global currency exchange provider, Mercury FX, said it was intensifying its commercial use of XRapid based on Ripple's XRP.
In a new interview with Decrypt, CEO Alastair Constance said that xRapid's payment channels from Britain to Mexico and the Philippines are now transferring tens of thousands of dollars a week and that the company is seeking some of its more big customers.
"Once the pipe is open, there is no limit to what can be done. We are actively marketing with Ripple to try to invite this type of customers and, I think, with increasing success. We may have a lot of luck and end up spending hundreds of thousands, millions, tens of millions of dollars. "
According to Constance, Mercury FX remittance services handle $ 1 billion in transfers annually through its London office and $ 1.8 billion worldwide. Due to non-disclosure agreements with Ripple, Mercury FX states that it is unable to provide an accurate indication of the exact amount of fiat the company is using via xRapid. However, the company has provided details on a selected number of payments.
Two weeks ago, Mercury FX revealed its first xRapid payment from the UK to the Philippines, sent on behalf of a customer who was to send money abroad to pay his moon of honey.
In January, Mercury FX also announced what it called its largest xRapid payment so far: US $ 4,574 from the UK to Mexico. The payment is executed in a few seconds, compared to the 31 hours that would have been required on the traditional payment rails. The lower fees allowed the company to save $ 102.
In the long term, Mercury FX announced plans to open up to 10 new payment corridors using xRapid based on Ripple's XRP by mid-year, including routes to Canada and the Middle East .
Ripple works in partnership with cryptographic exchanges for power xRapid. The exchanges allow financial institutions to convert their local currency to XRP and send the digital content to another country, where it is immediately converted back into a trust.
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