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First time a bank using Ripple's xRapid appeared

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While Ripple (Ripple) has partnered with a number of financial institutions, we found that Euro Exim bank based in London will become the first user of xRapid as a bank .

Euro Exim Bank, which develops services related to trade settlement, said that customers through more than 80 countries worldwide “through xRapid” will be able to smoothly distribute money to local people. “

Ripple ‘s product ” xRapid “, which was released commercially in the beginning of October last year, is to mediate the cryptographic currency XRP, thereby greatly reducing the cost of international remittance and fees.

The remitter can exchange money from the remittance source currency to XRP and then exchange the XRP to the remittance destination currency so that international remittance can be made without having to possess the remittance destination local currency in advance.

A thorough explanation of Ripple’s products “xCurrent” and “xRapid”!

Since the commercial launch, the company that announced the use of xRapid was only a non-bank international settlement service provider, but with this tie-up, Euro Exim Bank becomes the first banker to become a bank .

Earlier this week Ripple revealed a partnership with 13 companies, including the Euro Exim bank, announcing that the company’s total number of partners has exceeded 200.

Article Source: American Banker (English)

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/euro-exim-to-be-the-first-bank-to-use-xrapid/

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