Share:
  • 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.”


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.

More Solana News

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.

More Rune News

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.

More Cryptocurrencies News

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.

More Chainlink News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP