Ripple, the San Francisco-based distributed ledger company, has announced that two payment firms will start using its XRP token.
In a statement published today, Ripple said that IDT Corporation and Mercury FX would begin using its XRP-powered, on-demand liquidity product xRapid to settle retail remittances and corporate transactions.
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Mercury FX, a global currency exchange provider, hopes that xRapid would allow the company to provide a more efficient and transparent customer experience. “xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year,” the company’s founder and chief executive officer, Alastair Constance, said in the statement.
Constance also praised Ripple for allowing for much faster transaction speeds than other digital assets, including Bitcoin. “Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees,” he added.
Meanwhile, IDT, a New Jerse-based, publicly traded telecommunications company that facilitates online money transfers between individuals, already uses other digital assets, but it sees xRapid as a way to enhance its money transfer system.
“We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity,” said Alfredo O’Hagan, senior vice president of IDT’s consumer payments business. “We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
Today’s announcement comes less than two weeks after Ripple said MoneyGram, the world’s second-largest money transfer company, would be using XRP in its payment flows.
In today’s trading, the Ripple price stood at $1.35, as of 17:05 GMT. The cryptocurrency has lost 2.9% of its value in the past 24 hours, according to data from Coinmarketcap.