Ripple partner MercuryFX has plans to set up 10 new payment corridors to support and offer xRapid and the native digital asset XRP to its customers by mid of 2019.
The plans were divulged by Alastair Constance during the Ripple Regionals Conference 2019 event held in London. The corridors will extend from the UK to Canada and the Middle East, Mexico and the Philippines. He stated that they have imminent plans for the Middle East and Canada while the other corridors will have to wait for a longer period of time. He added that Ripple’s xRapid blockchain solution has given them access to new markets that were inaccessible earlier.
“It’s two countries today. It could be ten before the middle of the year. And what stops it from being any more than that?”
Ripple’s partner SendFriend, a startup which uses xRapid, recently raised a whopping $1.7 million in funding from investors, including Barclays, and MIT Labs. SendFriend is making use of xRapid to facilitate cross-border payments between the US and the Philippines for contract workers working in the US who usually pay large amounts in fees to transfer money. These transactions also take longer to complete when compared to xRapid. The remittance between the US and the Philippines is worth a total of $650 billion, and about $45 billion of it is lost in fees.
xRapid is a blockchain technology-based solution developed by Ripple that leverages the digital asset, XRP, to facilitate cross-border payments.
Moreover, Ripple wants to achieve IoV between users across the world through RippleNet by using its products viz., xCurrent, xRapid, and xVia. With over 250 partners across the world, Ripple’s dreams are inching closer to reality.
@cpoizat, a Twitter user, commented:
“All these good news for the moment have very little impact on the price of XRP… it’s been like that since I bought some at the end of November. How long in your opinion is it going to take before we hit even $1 ?”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.