• So far, 13 companies have publicly said they are using or plan to adopt xRapid.
  • Delatinne also believes that Facebook’s Libra will bring more credibility into the crypto space. 

Marjan Delatinne, Ripple’s global head of banking, said that the company has 20 financial institutions utilizing its XRP-powered xRapid. During an interview with Global Trader Review, Delatinne talked about the impact xRapid has had on cross-border remittances.

“xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it.

When talking with banks, we still have to ensure that they understand that using this product is not around keeping XRP on their balance sheets. That’s very important for the banks to understand because they would otherwise have to report that to the regulators.

So there is still a lot of education, but what is apparent with the regional banks and also the payment service providers is that they are hungry for change and for having a competitive edge. That’s really the driver: being able to source on-demand liquidity and providing a real-time experience in terms of cross-border payments. For some difficult corridors, for instance, the Mexican peso and Philippine peso, a transaction currently takes three to four days because the underlying process is still archaic.”

So far, 13 companies have publicly said they are using or plan to adopt xRapid:

  • Euro Exim Bank
  • Bittrex
  • Bitso
  • Coins.ph
  • Bitstamp
  • Cuallix
  • Mercury FX
  • Catalyst
  • SBI Virtual Currencies
  • IDT
  • Viamericas
  • SendFriend
  • Bitrue

Delatinne also believes that Facebook’s Libra will bring more credibility into the crypto space. However, she feels that Facebook will soon face significant blowback from regulators:

“Of course at this stage Libra doesn’t exist. It’s just a whitepaper. But Facebook has started with a vision, and this vision will probably evolve over time, but what we see is that their approach is not necessarily that they are going to work with the financial system. They want to completely transform it and bring a completely different experience.

Our approach is different: we are working with the system, so we haven’t been disrupting only. We are happily working with the banks, the payment service providers and the regulators.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin, Ethereum prices plummet after EU lawmakers agree on anti-money laundering rules for crypto

Bitcoin, Ethereum prices plummet after EU lawmakers agree on anti-money laundering rules for crypto

With the collapse in Bitcoin and Ethereum prices, the pressure to regulate cryptocurrencies was mounting on regulators worldwide. The European Union said on Thursday, that they seek agreement on rules for regulating crypto assets and combat money laundering activities. 

More Bitcoin News

XRP price primed for a big move as Ripple expands to New Zealand

XRP price primed for a big move as Ripple expands to New Zealand

Airwallex, a leading financial services platform, expanded its payment services to New Zealand. The fintech firm joined RippleNet in 2017 and offers services to businesses as a substitute for conventional banks. 

More Ripple News

Is this a buy signal for Shiba Inu price or month-end volatility?

Is this a buy signal for Shiba Inu price or month-end volatility?

Shiba Inu price embarked on a massive uptrend after bottoming on June 19. However, the ascent faced issues and headwinds, leading to an eventual retracement. After a brief period of consolidation, SHIB bulls seem tready for  another leg-up.

More Shiba Inu News

XRP Price Prediction: Whales in the market aim for $0.20

XRP Price Prediction: Whales in the market aim for $0.20

Millions of XRP tokens have been transported to the Bitstamp exchange. Ripple’s XRP price has breached below a critical Fibonacci Retracement tool.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP