In spite of a great slump in cryptocurrency market, Ripple XRP is gaining success by attracting more and more companies to pilot its various products. The company has announced a new partnership with UK based Foreign Exchange brokerage. This new partner will use Ripple’s product xRapid. Here, it is worth mentioning that xRapid is one of those Ripple products that use XRP as the currency to process cross border transactions. The foreign exchange brokerage has conducted many successful trials of sending money to various clients in US, Mexico, and Europe within seconds. Earlier, such transactions took 3-5 days to complete.
Currencies Direct, the FX brokerage admits that the successful trials are a proof that XRP can help to process cross border transactions within seconds. The speed, reliability, and transparency in this money transfer are unmatchable to conventional money transfers. The product Chief Brian Harris calls XRP a game changer for international remittances firms. Here, it is important to mention that XRP has already established partnership with the world’s largest remittance firm, the Western Union. Brian Harris further says that the company is assessing its new steps to make payments immediate to satisfy our customers. It is also pertinent to mention that Brian Harris is the person who gave the opinion to use cryptocurrencies as medium of transfer for cross border transactions.
Not only this, Ripple had entered into a partnership with Kuwait National Bank for faster processing of global money transfers. The bank plans to use xCurrent for this purpose. This means that Kuwait National Bank will enter RippleNet to use its blockchain for easy, fast, and reliable cross border transactions. Both the financial experts in Kuwait and users of Ripple seem happy at this partnership. Earlier, Kuwait Financial House (KFH) was the only company in Kuwait that was using RippleNet for cross border transactions. This joining of banks to blockchain technology will surely reveal the benefits that this technology can provide to the financial institutions. This also indicates that these partners may use XRP in future and the value of the token may boost up.
Here, it is worth mentioning that Kuwaiti government has introduced a tax bill focusing on providing remittances to expatriates to tax. This bill will bar the inflow of foreign exchange in the country. The use of xCurrent will prove a lot beneficial in this case. This is because RippleNet will help the people to evade tax imposed through this tax bill.
Ripple XRP has also made a mark in India as Coinome has listed it as XRP/INR and XRP/BTC pairs. Coinome is one of the largest Indian cryptocurrency exchanges that are offering trading in couple of cryptocurrencies. The crypto experts are of the view that this listing of XRP will increase the trading volume of the exchange a lot. This is because Ripple XRP is the third largest cryptocurrency being traded all across the world. The trading of this currency with Indian Rupee will make it easier for common man to gain XRP.