XRP Functions and 12 Major Companies Using Ripple

Bittime - XRP, a digital currency developed by Ripple, is designed to provide a fast and cheap solution for sending money across borders. In the face of the problems of high fees and slowness of traditional transactions, XRP offers a more efficient alternative. One of Ripple's main products that uses XRP is xRapid, which aims to optimize international payments by leveraging XRP liquidity.

Cuallix

Cuallix, a financial company based in the US and Mexico, was one of the first to use it xRapid since its launch in October 2018. As a long-standing partner of Ripple, Cuallix leverages XRP to speed up international transactions and increase transparency in the payment process.

Mercury FX

Mercury FX, a remittance company serving businesses and high net worth individuals, uses XRP for remittances between the UK and Mexico. Their CEO, Alastair Constance, assesses xRapid much faster and cheaper than traditional payment systems such as SWIFT.

Also read: XRP Predicted to Break All Time High (ATH) Before January

Catalyst Corporate Federal Credit Union

Catalyst Corporate Federal Credit Union, based in Texas, is teaming up with Ripple to launch a new service that uses XRP. By focusing on the Mexican payment channel, Catalyst hopes to reduce international transaction costs and increase efficiency for more than 1,400 credit unions in the US.

IDT

IDT, the telecommunications company that owns BOSS Revolution for international money transfers, is starting to test xRapid in 2018. Test results that exceeded their expectations prompted IDT to launch a new product using XRP.

Euro Exim Bank

Euro Exim Bank, based in London, was the first bank to implement xRapid for international transactions. With a focus on global trade, they hope XRP can lower high fees and increase transaction speeds.

Also read: History of Ripple (XRP) that you must know

SendFriend

SendFriend, a money transfer service focused on the Philippines, announced its partnership with Ripple in 2018. They plan to launch xRapid in 2019 to provide cheaper and faster payment solutions for their customers.

SBI Holdings

SBI Holdings, a Japanese financial services company, integrated XRP in its exchange platform. They also developed a cross-border payment application called MoneyTap which uses xCurrent, Ripple's solution without XRP.

MoneyGram

MoneyGram, an international money transfer service provider, announced its partnership with Ripple in 2018 to test the use of XRP. Even though it is still in the testing phase, MoneyGram is optimistic that XRP can reduce costs and speed up transactions.

Cambridge FX dan WesternUnion

Cambridge FX and WesternUnion also joined Ripple in testing xRapid in international money transfers. By using blockchain technology, these two companies hope to overcome the limitations of traditional payment systems.

Viamericas and Transpaygo

Viamericas and Transpaygo, two international money transfer companies, are also conducting trials xRapid. Both hope that XRP can increase the efficiency, transparency and speed of their cross-border transactions.

Conclusion

Although XRP has not replaced SWIFT as the global standard for international payments, more and more large companies are starting to adopt it. With the increasing number of partnerships and use of XRP in the cross-border payments industry, Ripple has great potential to change the way international payments are made in the future.

FAQ Ripple (XRP)

What is XRP?

XRP is a cryptocurrency designed to make cross-border transactions easier in a fast and low-cost manner, using a decentralized ledger system called the XRP Ledger.

What is the difference between Ripple and XRP?

Ripple is a company that develops payment technology, while XRP is a digital currency used in the RippleNet network for international transactions.

Why is XRP in legal trouble with the SEC?

The SEC sued Ripple for selling XRP as a security without official registration, which is considered a violation of capital market regulations.

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Reference

Copeland, Tim, Everything we know about who's using Ripple's most XRP intensive product, accessed December 6, 2024.

Fin Tech Magazine, Ripple: Driving Global Payments with Blockchain, accessed December 6, 2024.

Author: MF