Ripple has two new XRP payments partners | finder.com

Ripple has two new XRP payments partners

Peter Terlato 24 January 2018 NEWS

IDT and MercuryFX will use xRapid to settle their retail remittances and corporate transactions.

After teaming with international currency transfers firm MoneyGram earlier this month, blockchain company Ripple has announced that IDT Corporation and MercuryFX will also pilot on-demand liquidity solution xRapid.

IDT is a global communications and payment services company, while MercuryFX is an international currency exchange platform. Both companies will use xRapid to settle retail remittances and corporate transactions.

IDT facilitates online money transfers and routinely utilizes digital assets to generate liquidity in fiat currencies.

MercuryFX has a similar goal to Ripple, in that it is striving for real-time payments and greater efficiency.

“Ripple, XRP and fiat currency fit hand in glove. What we’re doing together is realizing one of the best use cases for frictionless transactions, which is international settlement… Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin,” MercuryFX chief executive Alastair Constance said.

XRP is one of the most efficient digital assets for payments due to its low transaction fees. For example, the average cost of an XRP transaction is around US$0.004. In comparison, bitcoin transaction fees average US$40. Similarly, the average transaction time for XRP is 2-3 seconds while for bitcoin, it can take up to one hour.

Bitcoin vs. Ripple

Ripple said the growing institutional adoption of its XRP token through xRapid shows that progress is being made towards building the Internet of Value (IoV). IoV is Ripple’s long-term vision for moving money instantly.

“With xRapid and XRP, financial institutions can eliminate the need for costly intermediaries or pre-funded Nostro accounts in destination currencies,” the company said in a statement on its insights blog.

Ever since the official release of bitcoin in January 2009, cryptocurrencies have been making waves. However, more recently, the world’s central banks have been attempting to regulate the burgeoning industry.

Online payments giant Stripe has begun distancing itself from decentralized digital currency bitcoin, which it has supported since mid-2014, citing lengthy transaction times, rising fees and dwindling customer appetite.

South Korea’s communications regulator has slapped eight domestic cryptocurrency exchanges with penalties totaling KRW141 million (US$130,000) for having “very weak” personal information protection policies.

Some of the most well-known app stores in the world are housing malicious bitcoin apps. These apps are built with the sole intention of stealing personal data and money from the associated hacker’s targets.

Interested in discovering more about cryptocurrencies? Check out our A-Z list of the most popular altcoins.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site