Ripple's xRapid Secures Exchange Partnership with Bittrex and More

Ripple has signed on three new exchange partners-Bittrex, Bitso and Coins.

Ph-to carry the xRapid digital asset in their respective regions.

According to Ripple, Bittrex will now act as the preferred digital asset exchange for xRapid transactions in the U.S. Bitso will be the preferred exchange in Mexico and Coins.

"Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today's announcement an important development for xRapid."

In May, Ripple announced that its first xRapid pilot saved financial institutions between 40 and 70 percent compared to what they usually pay to foreign exchange brokers.

In the first pilot, xRapid payments took approximately two minutes to process, compared to today's cross-border payment average of 48-72 hours.

Ripple Labs currently offers three different products to clients-xCurrent, xVia and xRapid.

Ripple's xRapid is geared toward payment providers and financial institutions who seek to minimize their liquidity costs while improving customer experience.

xRapid is powered by Ripple's XRP. XRP offers on-demand liquidity for financial institutions to dramatically lower costs and enables instant, real-time payments in emerging markets.

For xRapid to be successful, a healthy ecosystem of digital asset exchange partners is needed, and that's exactly what was established by Ripple.