The cryptocurrency Ripple XRP has suffered a lot since the beginning of the year. So their course has fallen by more than 90 percent. The Ripple Labs company, on the other hand, has made many important advances in the payment industry.
Ripple with new partners
Now Ripple Labs has announced that it has entered into new partnerships with three crypto exchanges. They will use Ripples xRapid solution to handle cross-border payments. The partners are “Bitso” from Mexico, “Bittrex” based in the US and “Coins.ph” in the Philippines.
Specifically, the crypto exchanges want to use xRapid to quickly convert funds into Mexican pesos, US dollars and Philippine pesos.
XRapid is a cryptocurrency XRP-based blockchain solution. This has been developed by Ripple to facilitate international gross payments between global financial institutions.
Cory Johnson, Ripple's Chief Market Strategist, said the three crypto exchanges provide a lot of liquidity for the cryptocurrency Ripple XRP. That is one of the main reasons for the partnerships. The aim of Ripple Labs is to focus on those areas where [Ripple Labs] is most useful. Johnson said,
“We have already seen several successful pilot projects with xRapid. At the end of the year, we will transfer the product from the beta to the production phase. The new crypto-exchange partners allow us to offer financial institutions a convenient and seamless way to pay between currencies. “
Ripple keeps an eye on China for further expansion
China has been critical of cryptocurrencies since last year. Nevertheless, Ripple Labs seems to be incorporating the country into its expansion plans. Ripple Vice President of EU Strategic Accounts, Jeremy Light, told CNBC:
“China is clearly of interest to us as both country and region.”
Ripple has an advantage over other crypto companies. This is because Ripple Labs can also offer blockchain payment solutions that do not require XRP tokens. This includes, for example, Ripples xCurrent. That's another reason why [Ripple] is trying to separate Ripple Labs from the cryptocurrency Ripple XRP.
Nevertheless, ripple should not be easy on the Chinese market. There are many local providers that are likely to be tough competitors. These include, for example, Tencent, the parent company of WeChat, China's most popular messaging app. Tencent is currently working with the tax authorities in Shenzhen, China. Together, we want to develop a nationwide payment solution based on blockchain.
One possibility, however, is for ripple. Most of his payment solutions are aimed at simplifying international payments. This circumstance may be used by the company to claim this market area.
Sources: Business Wire, CNBC, Tencent, Pixabay
Author: Nadine Schmidt – Source Post: https://www.kryptovergleich.org/ripple-expanded-to-china-and-winning-new-partner-for-xrapid/
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.
We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.