Ripple Labs Join Hands With Three Cryptocurrency Exchanges To Promote the xRapid Solution

According to the latest press release on Thursday, August 16, Ripple Labs has entered a partnership with three cryptocurrency exchanges to promote its cross-border-payment xRapid solution that facilitates low-cost transactions and instant settlements using the XRP tokens.

The three cryptocurrency exchanges that Ripple has partnered with includes U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.Ph digital currency trading platforms with a view of developing a seamless ecosystem for the exchanges.

These three exchanges will be using the xRapid payment solution to easily facilitate transactions between XRP tokens and the other three native crypto tokens like XRP and U.S. dollars, Mexican pesos, and Philippine pesos.

These three exchanges have been selectively chosen because of their XRP holdings that provide a higher level of liquidity. Ripple Chief Market Strategist Cory Johnson said: “We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Johnson also stated that the blockchain startup will be looking to adding more exchanges in the future where he mentioned: "The corridors we're focused on [are] organic ... we want to focus on busy corridors. We want to focus on places where there's a very vibrant XRP marketplace, and we want to focus on places where we can have the most value.”

Johnson also said that the company is currently focusing on Taiwan and Philippines which have been contributing more trading volumes in comparison to other international destinations.

Additionally, Ripple’s vice president of EU strategic accounts, Jeremy Light, told CNBC that the company is now eyeing towards expansion in the Chinese markets. "China is definitely a country and region of interest,” he said.

Although China has been shutting down cryptocurrency projects since the last one year, the country is still open to its blockchain pursuits. The company has also got other blockchain-based cross-border payment solutions without using the XRP tokens, which could prove to be beneficial for Ripple’s entry in China.

However, the local payments market of China is having a tough competition with giants like Tencent, the parent company of WeChat already working with the Shenzhen tax authorities in this regard. However, there are not enough companies in China that are working for cross-border solutions and this is where Ripple Labs can have an advantage.

Ripple has already partnered with more than 100 banking institutions across the Europe, Asia, UAE and other regions of the world. Hence the company’s expertise to deal with global payment solutions remains unquestionable.