Currencies Direct, a UK-based international change dealer, and worldwide fee supplier has change into the primary monetary establishment in Europe to efficiently full an abroad fee switch with XRP token utilizing Ripple’s xRapid platform.
As part of the trial, Currencies Direct has performed numerous transactions with its pre-specified worldwide counterpart on xRapid. The worldwide funds which normally takes between three to five days had been accomplished in seconds on the decentralized platform.
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After the trial, Currencies Direct’s Chief Product Officer, Brian Harris, mentioned: “Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.”
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers,” Harris added.
Is xRapid the longer term?
Ripple has developed xRapid to attach monetary establishments around the globe on a blockchain-based community easing interbank providers like worldwide cash transfers, and because the platform’s foreign money, the banks have to make use of Ripple’s native XRP token.
“This represents a revolutionary step for the industry and clearly shows how FinTech companies like Currencies Direct are helping to revolutionize the financial services sector. We’re proud to be early adopters of this technology,” Harris defined.
Ripple had already partnered with hundreds of financial institutions, together with business and central banks, around the globe to implement its blockchain-based merchandise. Establishments like Amex, Saudi Arabia’s Central Financial institution, the UAE Alternate, Santander, RakBank, and Cuallix all are a part of Ripple’s consortium.
Asheesh Birla, Senior Vice President of Product at Ripple, mentioned: “The results speak for themselves – xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”
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