Ripple is making a bold move into Mexico and the Philippines with its payment protocol, xRapid. Asheesh Birla, Ripple’s senior vice president of product revealed that Ripple will be launching a major expansion of xRapid, its XRP-based cross-border payment solution xRapid. He explained the company’s strategy for XRP and xRapid in a YouTube video and discussed their move into Mexico and the Philippines. This move will eventually lead to a boost in the use of XRP.
Currently, Ripple has the required resources to open the payment corridor, however, it has to ensure that all regulatory requirements are met before it proceeds. Ripples aims to partner with exchanges within the country to facilitate the use of the xRapid protocol and eventually, promote XRP.
As it is, Ripple has already entered into partnership with Coins.ph and Bitso to enable payments between Mexico and the Philippines.
The Silicon Valley crypto company will likely partner with crypto exchanges that can enable the acceptance of fiat from financial institutions, convert fiat to XRP and send the converted fiat out of the country where the said payment is converted back to fiat almost instantaneously.
Asheesh Birla who spoke on an “ask me anything” session on YouTube explained that Ripple is trying to ensure that it follows all the regulations of these countries. As he explained, on demand liquidity was already available in Mexico and the Philippines. Ripple is currently working on the next country that will be adopting the xRapid payment protocol and will announce these destinations soon.
He added, “I know our product teams and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.” He also revealed that Canada and the Middle East were on their list of destinations that xRapid and Ripple aims to get to. In his words, It’s two countries today. It could be 10 before the middle of the year.
As it is xRapid is gaining attention as global currency provider, Mercury FX is calling for the use of xRapid in real-time. The country aims to open about 10 new payment corridors by the middle of this year. The good thing about Ripple is that as its payment processor xRapid gains attention, so does its token the XRP.
Uquid, a payment system that gives its users easy access to altcoins announced that the XRP is now live on its platform. Users in over 150 countries can now top off and recharge their mobile phone with XRP. As it is, the company is working on also enabling XRP payments for mobile data plans in more than 11 countries.
Do you think that the adoption of xRapid will affect the XRP? Share your thoughts with me in the comment section below?