In 2018, RippleNet has expanded its reach to over 40 countries, on six different continents. In addition to its expansion, Ripple announced that this year it has signed an average of two production customers per week, and xRapid commercial production is now underway.
Big things are stirring over at Ripple.
xRapid Commercial Production
xRapid is going into commercial production. @mercury_fx_ltd, @Cuallix and Catalyst Corporate Federal Credit Union will be the first to make on-demand cross-border payments on RippleNet using #XRP. https://t.co/dQ02J4vdBl
— Ripple (@Ripple) October 1, 2018
Ripple recently revamped its website and now has branded its products under the RippleNet bubble. Under this bubble, it offers its xRapid product that provides on-demand liquidity for financial institutions for cross-border payments using the digital currency XRP.
The company just announced that xRapid has gone commercial and is now in production with a few customers already. The team at Ripple announced that it has signed agreements with MercuryFX, Catalyst Corporate Federal Credit Union, and Cuallix—so far.
Both MercuryFX and Cuallix were participants in the pilot phase of xRapid that occurred earlier in the year. MercuryFX plans on deploying the Ripple product for its Mexico-to-Europe transactions.
Alastair Constance, CEO and founder of MercuryFX, said:
“MercuryFX has been working closely with Ripple for more than a year to bring the power of RippleNet to our customers. In pilot tests we saw the benefits of xRapid, and we’re excited to roll commercial payments out within the quarter. The time to replace slow, expensive payments architecture is now because the need for global access to smooth-flowing capital has never been so acute.”
Catalyst Corporate Federal Credit Union currently serves more than 1,400 US members and plans on using xRapid to create a new cross-border payment service for its members. While the financial institution’s plan isn’t set in stone yet, it claims that it will leverage XRP to transfer money cross-borders.
At press time, XRP is currently trading at $0.561 a coin, down -0.36% in 24 hours.
Featured Image: Depositphotos/© volodymyrshtun
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