Ripple has added two new partners for its XRP xRapid tech
Both IDT Corporation and Mercury FX will be using Ripple's xRapid to settle transactions.
Ripple announced today that it has added IDT Corporation and Mercury FX as two new payment partners for its xRapid product.
xRapid uses Ripple's XRP as a bridge currency to quickly transfer and settle international money transfers. MoneyGram was also announced this month as a customer for the technology.
New Jersey based payments company IDT Corporation already uses other digital currencies to facilitate certain transactions, but believes xRapid will make this experience even better.
"We're excited to pilot Ripple's xRapid solution for on-demand liquidity," IDC CEO Alfredo O'Hagan said. "We expect that xRapid will enable us to settle more transactions in real time and at a lower cost."
“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," MercuryFX CEO Alastair Constance said.
While the core technology of Ripple has been deemed solid by many financial institutions, those same institutions have been concerned around the volatility of the currency when using it to transfer large sums of money across borders. In the last month, Ripple has tripled its value and then halved it. It is currently trading at around US$1.35.
Any good news such as this is much needed for Ripple, which has had a rough couple of weeks after its early highs of 2018.
For the more risk-seeking trader, Ripple Labs' strategy is an important factor. That strategy is to see XRP used by financial institutions as a transfer of value in cross-border payments. Price stability is essential to achieve that goal.
The readjustment by CoinMarketCap appears to have had the effect of stripping away excessive amounts of speculative trading from XRP trading volume. This may give investors and institutions confidence in assessing XRP as a stable currency in the otherwise volatile cryptocurrency market.