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Ripple Senior Vice President of Product, Asheesh Birla, said Ripple would soon launch a major expansion of its XRP-based cross-border payment solution, xRapid.
In a new me-nothing-on-YouTube page, Birla talks about the company's strategy for XRP and xRapid, which until now has an officially opened corridor between Mexico and the Philippines.
"Cash on demand is available in Mexico and the Philippines. Until now, the positive feedback from our customers in these two countries has been impressive. But we are working on the next series of destinations, which we will announce shortly in the hope.
I know that our product teams and our marketing and engineering teams are working hard to light up these upcoming destinations so we can offer our customers a wider choice in terms of expanding World. "
The main obstacle to opening a new xRapid corridor is to ensure compliance with the regulations in force in both countries. Ripple is then free to badociate with cryptographic exchanges able to accept financial institutions' DFIs, convert them to XRP and send them abroad, where they are instantly converted into FIs. Ripple has partnered with Bitso, a Mexico-based cryptographic company, and Coins.ph, a Philippine-based company, to provide xRapid payments between these two countries.
Currently, Mercury FX, the world's leading currency provider, is at the forefront of technology for using xRapid in the real world for payments. In February, the company announced its intention to open up to 10 new payment corridors by the middle of the year.
"We have projects for the Middle East. We have plans for Canada imminently. But I think what xRapid and Ripple bring is really exciting: it gives you access to new markets that may not be available now … These are two countries today. It could be 10 before the middle of the year. And what prevents it from being more than that?
According to Beerla, XRP has the advantage over many digital badets due to its low fees and high speed.
"The XRP has the advantage of being built specifically for payments. And then it installs in a few seconds. So this question you had earlier about volatility – not a problem when using XRP for cross-border payments. The cost of sending with XRP is only a fraction of a few cents. And the third [reason] it is extremely scalable. You can make thousands of transactions per second with XRP and all these reasons make it perfectly suitable for cross-border payments. "
The current state of cross-border payments is stalled in the 1960s, according to Beerla, who said Ripple had decided early on to work with banks and regulators to try to move the payments industry into the digital age.
"You can send YouTube to the space station. You can actually send emails in just a few clicks and anyone around the world can get it. But sending money is a painful experience. If you have sent a bank transfer or if you have really tried to transfer money around the world, you know that it is probably faster to simply get that money, to take a plane and transport it to your destination. The crazy thing about today's payments in 2019 is that if you want to send money around the world, it has not really changed since the 1960s.
But the world has evolved … We need a modern way to send money, and that's what we're really looking for with Ripple and RippleNet …
We are not there to destroy all the global benefits in terms of regulation and financial institutions. Early in the business, we wanted to be constructive builders, not destructors. We are working with banks, payment service providers and central banks around the world to create a better, more modern financial system that can send money across borders. "
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Disclaimer: The opinions expressed in Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high risk investments in Bitcoin, Cryptocurrency or digital badets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling crypto-currencies or digital badets, and the Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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