- Asheesh Birla, the SVP of product at Ripple, said during a YouTube AMA session that the company is working on expanding xRapid.
- xRapid has numerous advantages over traditional cross-border payment systems such as minimal transaction fees and faster speed.
According to Asheesh Birla, the SVP of product at Ripple, the company is working on expanding its XRP-powered cross-border payment product xRapid. During a YouTube AMA session, Birla shed light on the Ripple’s expansion plans:
“On-demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.
I know our product teams, and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”
xRapid has numerous advantages over traditional cross-border payment systems like SWIFT. Chief among these advantages is the transaction fees. SWIFT has long been criticized over its ridiculous transaction fees while xRapid is almost free and much faster.