Ripple Labs, the development team behind the cryptocurrency that trades under the XRP symbol, started off 2019 with two major developments. Late into the New Year’s Day session, XRP ceased to be the second most capitalized digital currency; that rank is currently held by Ethereum thanks to a large spike in buying volume ahead of a planned fork. Despite this loss of rank, Ripple Labs announced that it had secured 12 agreements with cryptocurrency companies to handle cash transfer and payment transactions.
Big Name Cryptocurrency Exchanges Utilize Ripple
Two big names are on the list of companies revealed by Ripple: Bitstamp and Bittrex, both respected cryptocurrency exchanges. The purpose of using xRapid, the system developed by Ripple Labs, is to streamline the transfer of client funds between the United States, Mexico, and the Philippines. The xRapid money transfer solution was initially rolled out in October 2018, and it is focused on the efficient transfer and exchange of digital currencies.
Developing Blockchain Technology for Rapid Digital Transactions
Ripple Labs has been testing other systems that work in similar fashion to xRapid. The goal is the same: to transfer funds in minutes around the world, and to make them available in local fiat currency. Some of the systems are geared towards the remittances market; others are focused on corporate payments that are more efficient and streamlined than the SWIFT wire transfer system used by international banks.