Of late, Ripple has been very active in its quest to break into the global market and promote the value growth of its crypto known as XRP as well as it payment service called xRapid. On Thursday, the company made an announcement that’s bound to make quite some impact in this respect.
The ledger startup announced a list of 3 preferred crypto exchanges for its payment service. These are Bitso, Bittrex, and Coins.ph. Forthwith, these exchanges will be part of Ripple’s expanding ecosystem.
Make It Easier For Clients
Speaking to CoinDesk, Cory Johnson, who is the market strategist for Ripple, said that the main reason for the endorsements was to encourage its users based in the Philippines, US, and Mexico to use the xRapid payment service in their digital asset transactions.
For starters, Bittrex will serve as Ripple’s official partner in the US and is accorded the gold standard, meaning that any willing bank can access easy and quick liquidity at Bittrex by exchanging their dollars for XRP. If they wish, they can then cross over to Mexico, go to Bitso, and convert the XRP tokens into Mexican pesos.
In essence, this makes access to liquidity and the transactional operations much easier. Bitso and Coins.ph are now Ripple’s official partners in Mexico and the Philippines respectively.
Establish Corridors To Boost Liquidity Levels
However, for this to work properly, the banks involved will need to open accounts with the exchanges to enable them to convert the cryptos to the given fiat currencies and vice versa. Johnson said that Ripple chose the three exchanges based on their significant XRP holdings that allow for high liquidity levels.
But that’s not to mean that they’ll be the only companies in the world partnering with Ripple. On the contrary, Ripple plans to establish more corridors to boost liquidity levels in various parts of the world, and that means bringing more companies into the fold. Of course, the company will seek to establish these partnerships in places with the highest potential for growth.
One of such places is Taiwan – as Johnson noted. Going further, he explained that regions like the Philippines and Taiwan have higher trade volumes as compared to most other regions, and that Ripple would obviously accord more attention to that region.