British FX Firm Currencies Direct Tests Xrapid by Ripple
Currencies Direct, a British currency broker and international payment service, successfully tested xRapid, a product of Ripple, which uses XRP tokens.
Currencies Direct Tests Xrapid
On Monday, Currencies Direct stated that it had made several money transfers using xRapid, which took only a few seconds, whereas in traditional systems it takes up to 5 days. The company called the pilot project “a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency”.
This was one of the first successful tests of a digital asset, which marks a departure from the speculative trade in cryptocurrencies, which until now has dominated the market – to use cryptocurrency as a method of payment.
Using xRapid, the financial institution directly connects to exchanges in the country of the sender and the recipient. The sender’s funds are exchanged for XRP, and then for the destination currency. The transaction is comprehensively monitorable, and requires a few seconds to complete the transaction.
Currencies Direct and Ripple about the Test
Currencies Direct chief product officer Brian Harris , called the XRP token test a great success, adding that using cryptocurrency for payments will help the company significantly improve customer service.
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.”
Asheesh Birla, Senior Vice President of Product at Ripple, commented: “The results speak for themselves – xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”
Earlier, the provider of mobile payment solutions Uphold announced that it had completed integrating the XRP ledger to its platform This will allow application users to work with XRP tokens directly through the application.
At the time of writing, Ripple is in the green zone, but XRP is still trading just below $ 0.61