Few hours after it announced it is launching in the U.S., information that eToro, a social investing and trading platform, is stylishly exploring Ripple’s xRapid has started gathering momentum. In an update today, the CEO and founder of eToro, Yoni Assia, pointed that it visited Ripple’s office in San Francisco purposely to learn about Ripple’s xRapid. Yoni was seen in company of Chris Larsen, the co-founder and executive chairman of Ripple.
eToro and Ripple’s xRapid: A Perfect Combo
Although it is not clear if eToro would be using Ripple’s xRapid anytime soon, exchanges and big financial institutions are surviving on the seamless tool for fast and cost-effective payment.
The launch of eToro in the U.S. may also expedite the integration of xRapid on the crypto trading and wallets platform. eToro functions in over 140 countries and will now be available in 30 states and two territories aims to reach other parts of the U.S on regulatory approval.
— Yoni Assia (@yoniassia) March 7, 2019
While eToro’s U.S. platform will give room for crypto trading the moment it is launched, the platform also aims to add more digital assets in the next 12 months. The platform’s more than 10 million users will have opportunity to hold and trade over 1,500 diverse asset classes and markets.
Ripple’s xRapid is becoming a Hot Cake.
Last year, Ripple announced the launch of xRapid, a blockchain powered seamless cross-border remittance tool sustained by XRP token.
On March 5, Mercury FX, a respected international currency exchange provider announced it has successfully achieved the maiden Ripple’s xRapid-powered commercial payment to the Philippines.
Mercury FX said the payment was perfected for a client in the UK who required payment transfer to across the globe purposely for his honeymoon.
1/3 Mercury has just made history and completed the first ever commercial payment using #xRapid to the Philippines.
— Mercury-fx Ltd (@mercury_fx_ltd) March 5, 2019
Remember in February, Mercury FX said it intended to open nothing less than ten payment corridors with the use of xRapid.
At the Ripple Regionals Europe conference, the CEO of Mercury FX Alastair Constance pointed:
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now… It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”
Before xRapid was officially launched, the seamless payment option had partnered with Bittrex, an exchange regarded as the “preferred digital asset exchange for xRapid transactions that move through US Dollars”.
In the same line, xRapid also partnered with Bitso and Coins.ph. The two exchange are to serve as the preferred exchanges for Mexican Pesos and Philippine Pesos respectively.
According to Cory Johnson, the former Chief Market Strategist at Ripple, “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines”.
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
However, Ron Hose, CEO of South East Asia-based financial service and electronic wallet firm, Coins.ph, said: “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas filipino workers”,
In May 2018, Ripple had broadcasted that financial institutions piloting xRapid saved at least 40-70% when compared to the archaic foreign exchange brokers that also do across-border payment.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.