Ripple’s senior vice president of product Asheesh Birla says Ripple will soon launch a major expansion of its XRP-based cross-border payment solution xRapid.
The biggest hurdle to opening a new xRapid corridor is making sure it’s compliant with regulations in both countries. From there, Ripple is then free to partner with crypto exchanges that can accept fiat from financial institutions, convert it to XRP and send it overseas, where it is instantly converted back to fiat. At the moment, the two corridors that are open for Ripple are its partnership with Mexico-based crypto exchange Bitso and Philippines-based Coins.ph to power xRapid payments between those two countries.
In a new ask-me-anything on YouTube, Birla talks about the company’s strategy for XRP and xRapid, which so far has one corridor officially open between Mexico and the Philippines.
“On demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.
I know our product teams and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”
Currently, global currency provider Mercury FX is leading the push for real-world use of xRapid for payments.
In February, the company said it’s looking to open up as many as 10 new payment corridors by the middle of this year.
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now… It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”