Ripple’s xRapid Is Set for Major Adoption From These 3 Crypto Giants
Ripple’s XRP-powered xRapid may finally be achieving major adoption from not 1 but 3 giant cryptocurrency companies: the crypto and traditional asset trading platform eToro, the world’s most popular crypto exchange Binance, and SBI Virtual Currencies, a subsidiary of the Japanese financial giant SBI Holdings.
xRapid is Ripple’s XRP-powered payment solution that uses the digital token XRP to offer on-demand liquidity and deliver real-time payments while dramatically reducing costs.
It’s designed to be a legally compliant way for banks and financial institutions, including crypto exchanges, to utilize the speed and efficiency of XRP for payments and settlement of transactions. Essentially, it enables XRP to be used as the medium of exchange and converted to fiat currency upon receipt of the transaction.
Currently, Ripple is already partnered with crypto exchanges Bittrex, Coins.ph, Bitso, and Bitstamp.
Will eToro Adopt Ripple’s XRP-Powered xRapid?
Yoni Assia, the CEO of eToro, confirmed via Twitter that the company is learning about xRapid, implying that it may soon be implemented. In fact, Assia recently visited Ripple’s headquarters to learn about using XRP to settle transactions.
— Yoni Assia (@yoniassia) March 7, 2019
In addition to visiting Ripple’s headquarters to learn about xRapid, Assai also met with Ripple CEO Brad Garlinghouse at the Paris Fintech Forum to discuss a new partnership.
During the forum, Assia said:
“I think as a fintech company it’s very important for us to foster relationships with other fintech companies. Obviously, we’re one of the largest trading platforms on XRP – so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
Binance Poised To Use Ripple’s xRapid?
In addition to eToro’s CEO being intrigued by Ripple’s xRapid payment technology for the settling of payments, Binance CEO Changpeng “CZ” Zhao has admitted he’s interested in partnering with Ripple for the same reason.
As previously reported by IIB, CZ recorded an Ask-Me-Anything (AMA) live stream via Periscope where he mentioned that he’s interested in partnering with Ripple to utilize xRapid for payments.
During the live stream he said:
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”
Japanese Financial Giant SBI Holdings Crypto Subsidiary to Adopt xRapid
The third crypto-related business that will purportedly be adopting Ripple’s xRapid payment solution is the Japanese financial giant SBI Holdings’ crypto subsidiary company, SBI Virtual Currencies.
SBI Holdings is already a partner of Ripple and a big proponent of Ripple’s xRapid payment product. Therefore, it’s highly probable that their SBI Virtual Currencies platform will support xRapid for fiat currency deposits and withdrawals.
As previously reported by IIB, the SBI Group already serves a customer base of 23.47 million people, and all of them will have access to their new virtual currency trading platform.