xRapid is one of Ripple’s products. It is for payment providers and financial institutions that want to minimize liquidity costs. xRapid uses XRP, Ripple’s digital asset, to offer on-demand liquidity by using XRP as a medium of exchange between currencies.
Asheesh disclosed that on-demand liquidity is now available in Mexico and the Philppines and the response from Ripple’s customers has been overwhelmingly positive. He also added that Ripple will soon announce other countries that will start adopting xRapid.
Our Take
XRP settles in a matter of seconds making it a perfect currency to use as a medium of exchange for cross-border payments where the conversion of currency is necessary. The news highlights the increasing scale of adoption of Ripple’s products and the company’s growing dominance in the space.