{"id":3747,"date":"2018-01-26T04:20:58","date_gmt":"2018-01-26T04:20:58","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=3747"},"modified":"2018-01-26T12:54:59","modified_gmt":"2018-01-26T12:54:59","slug":"ripple-network-adds-two-more-real-world-use-cases","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/ripple-network-adds-two-more-real-world-use-cases\/","title":{"rendered":"Ripple Network Adds Two More Real-World Use Cases"},"content":{"rendered":"

\"\"Ripple token (XRP) has got one more real-world user. Following the second largest global payment provider MoneyGram\u2019s decision to test Ripple\u2019s payment network, IDT Corporation and MercuryFX have signed an agreement<\/a> to start using Ripple\u2019s xRapid platform, which allows institutions to save on the cost of accessing and providing liquidity<\/a> to their clients. IDT, a publicly traded New Jersey-based telecommunications provider, and MercuryFX, which offers discounted currency exchange rates, handle hundreds of millions of transactions worldwide per year.<\/p>\n

The xRapid platform of Ripple is not only faster and cheaper than traditional forms of payment transfer, but also allows central banks to free up capital that is tied up in nostro and vostro accounts. The Ripple token (XRP) serves as the medium of exchange in the xRapid platform. The global remittance market is estimated to be $596 billion in 2017.<\/p>\n

Apart from MoneyGram, Ripple has also signed a deal with Mexican bank Cuallix. Earlier in November, Ripple entered into an agreement with credit card issuer American Express. Ripple\u2019s payment network<\/a> is also being tested by a consortium of over 100 banks<\/a> and more are expected to join in the future.<\/p>\n

MercuryFX CEO and founder Alastair Constance<\/strong> said<\/p>\n

“Ripple, XRP and fiat currency fit hand in glove. What we\u2019re doing together is realizing one of the best use cases for frictionless transactions, which is international settlement. xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year. Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees.”<\/p><\/blockquote>\n

Senior vice president of IDT\u2019s consumer payments business, Alfredo O\u2019Hagan<\/strong> said<\/p>\n

\u201cOur BOSS Revolution international money transfer business routinely utilizes digital assets to generate liquidity in fiat currencies for our disbursement agents as part of our transaction settlement process. We\u2019re excited to pilot Ripple\u2019s xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.\u201d<\/p><\/blockquote>\n

Ripple coin fell below $1, after hitting a high of about $3.80 in the first-week of January. The coin is currently trading at about $1.25.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple token (XRP) has got one more real-world user. Following the second largest global payment provider MoneyGram\u2019s decision to test Ripple\u2019s payment network, IDT Corporation and MercuryFX have signed an agreement to start using Ripple\u2019s xRapid platform, which allows institutions to save on the cost of accessing and providing liquidity to their clients. IDT, a […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-3747","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"yoast_head":"\nRipple Network Adds Two More Real-World Use Cases<\/title>\n<meta name=\"description\" content=\"Ripple, which recently entered into an agreement with MoneyGram, revealed that telecommunication provider IDT corp. and discounted exchange rate provider MercuryFX will soon test their xRapid platform for payment transfers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/ripple-network-adds-two-more-real-world-use-cases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple Network Adds Two More Real-World Use Cases\" \/>\n<meta property=\"og:description\" content=\"Ripple, which recently entered into an agreement with MoneyGram, revealed that telecommunication provider IDT corp. and discounted exchange rate provider MercuryFX will soon test their xRapid platform for payment transfers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/ripple-network-adds-two-more-real-world-use-cases\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-26T04:20:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-01-26T12:54:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/ripple.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ripple-network-adds-two-more-real-world-use-cases\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/ripple-network-adds-two-more-real-world-use-cases\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"Ripple Network Adds Two More Real-World Use 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