Ripple is associated with three cryptographic exchanges (one Mexican) for international payments of XRP

Ripple has named Bittrex, Bitso and Coin.Ph - in the United States, Mexico and the Philippines respectively - as the three leading exchanges in the strategy to solidify xRapid, its payment solution for banks

Ripple has chosen three cryptocurrency exchanges to facilitate xRapid, its cross-border payment system designed for banks that use the XRP cryptocurrency.

In an announcement published this week, Ripple named Bittrex, Bitso and Coin.Ph - in the United States, Mexico and the Philippines respectively - as their "preferred" exchanges of cryptocurrencies to solidify their xRapid ecosystem, in which XRP will be used to facilitate payment flows between banks around the world.

"These exchanges allow xRapid payments to go from one currency to XRP, and back to another currency, quickly and efficiently," Ripple explained.

The three new exchange partners will specifically assist payment flows using XRP between US dollars, Mexican pesos and Philippine pesos, respectively.

In short, the international payments between the three currencies will be settled in XRP, in the Ledger XRP, with deposits and withdrawals for payments in fiat.

Cory Johnson, Ripple's chief market strategist, highlighted the announcement as an "important development" for xRapid, a Ripple product that has received little support from financial institutions worldwide. On the other hand, international banks have opted to a large extent for xCurrent, a blockchain enterprise software that enhances payments and settlements using Ripplenet without the use of XRP.

The Ripple executive added:

We have already seen several successful xRapid pilot projects, and as we move the product from the beta version to the production version later this year, these exchange partners will allow us to offer financial institutions the convenience and security that their payments will be made without problems between different currencies ".

In May, the London-based Direct Foreign Exchange Service rated the service provided by xRapid as a "game-changer", after a successful pilot international money transfer that allowed transactions based in different countries, such as the USA, Mexico and Europe, all liquidated "in seconds" using XRP.

Source: CCN