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Financial Firms Tease Adoption of Ripple’s XRP-Powered xRapid

May 25, 2019

Two financial firms are signaling future support for Ripple’s XRP-powered cross-border payment solution xRapid.

Thailand’s Siam Commercial Bank (SCB) recently told XRP enthusiasts to “wait for further announcement” regarding XRP. The bank is the third largest in the country and is currently using Ripple’s financial messaging system xCurrent to move money to and from Japan.

We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.

— SCB Thailand (@scb_thailand) May 22, 2019

Meanwhile, the UK-based payment platform MoneyNetInt is going on the record for the first time about enterprise adoption of XRP.

The foreign exchange trading and currency conversion company is also one of Ripple’s xCurrent clients, and according to business development director Raphael Golan, the company is seeing increasing demand for the speed and liquidity of XRP and crypto assets at large as it expands to serve smaller markets.

“We’re now working on providing local payments in countries such as the US and the Philippines, both of which have large expat flows.

We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays.”

Ripple rolled out xRapid for commercial use in October of last year. It has one payment route set up, from Mexico to the Philippines, with companies such as Mercury FX adopting the platform to move money between the two countries.

The price of XRP is slightly in the red at time of publishing, along with the overall crypto market. The third largest crypto is down 0.28% at $0.3858 according to CoinMarketCap.

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