Ripple Partners With Three Cryptocurrency Exchanges – XRP Adoption?

Bridging Fiat and Crypto?

Ripple plans to partner with three popular cryptocurrency exchanges and integrate its blockchain-powered payment system xRapid, according to an announcement made on the Ripple website.

The newest batch of partnerships include U.S.-based Bittrex, Bitso in Mexico, and Filipino Coins.ph.

Each exchange will be using the xRapid product to bridge native fiat to XRP, and ultimately the cryptocurrency markets.

RippleNet offers its clients a selection of blockchain-based payment services, including xRapid, xCurrent, and xVia, each of which are aimed at solving issues with scalability, speed, and cost.

xRapid is just one service offered by the RippleNet platform, as explained by Ripple:

“Here’s what a xRapid payment flow will look like from the U.S. to Mexico:

1. A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
2. The payment amount in XRP is settled over the XRP Ledger.
3. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.”

What Does This All Mean?

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