Daily Traders Edge

Ripple Adds New Partners in Push to Make Case for XRP

January 24
15:41 2018

Ripple, which provides blockchain software for banks, announced on Wednesday that a currency exchange firm and a telecom provider will be the latest to use XRP—Ripple’s highly volatile currency—as part of their money transfer operations.

The firms are publicly-traded IDT Corporation, which provides international long distance and payment services, and MercuryFX, which offers discount rates on foreign exchange transactions.

According to Ripple, both firms will use its XRapid product, which relies on XRP as a bridge currency to rapidly transfer and settle global money transfers. The announcement follows recent news that money transfer giant MoneyGram and the Mexican bank Cuallix are likewise testing XRP in their operations.

The addition of new XRapid customers is critical for Ripple, which has long been making the case that its XRP currency can provide useful liquidity in the global money system, and is not simply the object of speculation.

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