Three companies have begun to commercialize the xRapid system based on the XRP cryptocurrency After a series of highly publicized test launches, three companies have begun commercial use of Ripple's xRapid product, CoinDesk writes, citing a statement by Ripple CEO Brad Garlinghouse, which he made at the Swell conference in San Francisco in Monday.

Three companies began commercial use of the xRapid system based on the XRP cryptocurrency

After a series of highly publicized test launches, the three companies have begun commercializing Ripple's xRapid product, CoinDesk writes, citing a statement from Ripple CEO Brad Garlinghouse, which he made at the Swell conference in San Francisco on Monday..

These three companies are MercuryFX, which helps its clients send and receive international payments, Cuallix, which handles settlements between the United States and Mexico, and Catalyst Corporate Federal Credit Union, which provides a range of financial services to approximately 1,400 credit unions, mainly in the western and southwestern regions of the United States. ... The first two of them previously took part in product testing, and the latter became a new partner of Ripple.

A number of other companies, including Western Union, MoneyGram, Viamericas and IDT, have previously tested xRapid but are not currently commercializing it, said Ashish Birla, senior vice president of product for Ripple..

“Today, if you want to send money to, say, Mexico, you use mechanisms created in the 1960s. They haven't really changed, ”he said. “You will have to open a bank account in Mexico, deposit pesos and pay them locally. The whole process sometimes takes weeks, and opening an account even months. ".

xRapid uses XRP as a "bridging currency" by transferring the sender's fiat currency to exchanges, and then converting it sequentially into XRP and the recipient's fiat currency. Ripple recently announced a partnership with three xRapid exchanges: Bittrex for US dollars, Bitso for Mexican pesos, and Coins.ph for Philippine pesos..

The pilot phase of the project was launched in May. Its participants stated that xRapid can reduce costs by 40-70%, and the processing time of transactions - from two to three days to "a little more than two minutes".

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