Quidax has hinted Africans on the outstanding performance of Ripple’s xRapid, a cross-border payment tool, saying they are looking forward to integrating the product any time from now.
Speaking at the on Tuesday at a panel discussion at the 7th Remittance and Payment Expo at the 23rd and 24th of October at Oriental Hotel in Lagos, Nigeria, The Chief Executive Officer of Quidax, Buchi Okoro, declared that digital asset like Ripple has the potential of increasing liquidity for remittance. He also said that it can reduce the cost of transaction.
Speaking further, Buchi said that Quidax was not in a competition with any remittance platform, however, he said it is collaborating with any remittance or payments firm.
He maintained that partnership with firms like Flutterwave, which is the first platform in Africa to use RippleNet, could reduce the cost of cross border remittance and time.
Buttressing his point, he said there is a necessity for remittance firms to have security deposits in the countries they operate, meanwhile, with the use of cryptocurrency like XRP, this putting funds in Nostro account is eliminated.
He said immediately the currency of the originating country would be converted to Ripple’s XRP with the use of the exchange.
Before the panel discussion, Buchi had said in his speech that Ripple has a very high settlement speed of around 25 seconds, pointing that Quidax is looking forward to integrating xRapid, a tool that solely depend on the XRP digital asset.
In August 2018, Quidax, an Europe-based firm launched it cryptocurrency exchange in Nigeria. Since then, the firm has been making series of progress across the country.
Ripple’s xRapid Receives More adoptions
Several firms are buying the idea of Ripple’s xRapid. The tool has been deployed by Viamericas, with presence in over 7600 locations across 26 countries. Also Bahrain SADAD, a firm with thousands of payment kiosks across Bahrain has hinted on the use of the fast and seamless payment tool.