• So far, 13 companies have publicly said they are using or plan to adopt xRapid.
  • Delatinne also believes that Facebook’s Libra will bring more credibility into the crypto space. 

Marjan Delatinne, Ripple’s global head of banking, said that the company has 20 financial institutions utilizing its XRP-powered xRapid. During an interview with Global Trader Review, Delatinne talked about the impact xRapid has had on cross-border remittances.

“xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it.

When talking with banks, we still have to ensure that they understand that using this product is not around keeping XRP on their balance sheets. That’s very important for the banks to understand because they would otherwise have to report that to the regulators.

So there is still a lot of education, but what is apparent with the regional banks and also the payment service providers is that they are hungry for change and for having a competitive edge. That’s really the driver: being able to source on-demand liquidity and providing a real-time experience in terms of cross-border payments. For some difficult corridors, for instance, the Mexican peso and Philippine peso, a transaction currently takes three to four days because the underlying process is still archaic.”

So far, 13 companies have publicly said they are using or plan to adopt xRapid:

  • Euro Exim Bank
  • Bittrex
  • Bitso
  • Coins.ph
  • Bitstamp
  • Cuallix
  • Mercury FX
  • Catalyst
  • SBI Virtual Currencies
  • IDT
  • Viamericas
  • SendFriend
  • Bitrue

Delatinne also believes that Facebook’s Libra will bring more credibility into the crypto space. However, she feels that Facebook will soon face significant blowback from regulators:

“Of course at this stage Libra doesn’t exist. It’s just a whitepaper. But Facebook has started with a vision, and this vision will probably evolve over time, but what we see is that their approach is not necessarily that they are going to work with the financial system. They want to completely transform it and bring a completely different experience.

Our approach is different: we are working with the system, so we haven’t been disrupting only. We are happily working with the banks, the payment service providers and the regulators.”


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K

Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K

Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.

More Cryptocurrencies News
Trump administration allegedly seeks to create new crypto position in White House

Trump administration allegedly seeks to create new crypto position in White House

President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.

More Crypto News
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs

Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs

Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target. 

More Solana News
FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF

FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF

Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase's announcement that the token will begin trading on its platform over the next 24 hours.

More Crypto News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP