Ripple has been enjoying the adoption of its products including XRP and the XRP-powered xRapid for enhanced cross-border payments.
Now, the latest reports highlight that 27 companies are using XRP at the moment either as a way to accept payment or to power international remittances.
More than that, out of the 27 companies, a total of 13 firms are adopting Ripple’s payment software xRapid which is designed to use XRP to move money across borders.
Euro Exim Bank is the latest addition
The latest addition is Euro Exim Bank, which plans to use the technology to power payments across 80 countries. The back is really important because it highlighted that Ripple’s tech is the future.
Euro Exim Bank is the very first bank to use xRapid, and they’re proudly exploring the partnership with Ripple.
They joined RippleNet in order to provide clients with frictionless experiences to send cross-border payments.
“Operating collaboratively with Ripple and selected counterparts, we are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] building on its extensive technological capabilities and blockchain expertise in trading systems.”
Euro Exim Bank ditched the SWIFT network to ride the wave of innovation with Ripple‘s products, and the main reason was the fact that they lost a transaction on SWIFT.
13 companies are using xRapid
Here are the 13 companies that are using xRapid.
Euro Exim Bank
SBI Virtual Currencies
Ripple launched xRapid for commercial production back in October 2018, and the company highlighted its use case as a regulatory complaint way to use crypto to send payments across borders.
Besides these early xRapid adopters, here are 14 more companies that are using XRP as a form of payment or to enhance their platforms to move money globally.
XRP Tip Bot
At the moment about 200 banks and financial institution have joined RippleNet, and Brad Garlignhous predicts that more banks will use XRP shortly.