Ripple has announced three cryptocurrency exchange companies as its preferred platforms for carrying out transactions with the XRP token via its XRapid payments protocol. The move comes as Ripple continues in its bid to expand its services across the globe–gaining increased utilization of the XRP coin in tandem with its legacy ledger.

According to a press release published on Thursday, the company announced its partnership with three cryptocurrency exchange platforms. In the statement, Ripple referred to the chosen three as their “preferred digital asset exchanges.” These platforms will enable seamless transactions on the XRapid payment ecosystem by allowing instant conversion between XRP and fiat currency.

The three chosen cryptocurrency brokers are Bittrex, Bitso, and Coins.ph. Bittrex will serve as the preferred crypto broker for U.S. dollar transactions while Coins.ph and Bitso will be for Philippine Pesos and Mexican Pesos respectively.

Suggested Reading: Learn more about Bittrex in our Bittrex review.

The press release from Ripple also contained a breakdown of how the system would work with an example payment from the United States to Mexico. Firstly, a Bittrex-affiliated financial institution would initiate a U.S. dollar payment on Bittrex. The platform would then instantly convert U.S. dollars to XRP. Using the Ripple ledger, the XRapid payments protocol would then facilitate the transfer, after which, Bitso could, via its Peso liquidity pool, convert the XRP into fiat.

Commenting on the choice of these three platforms, Cory Johnson, the Chief Marketing Strategist at Ripple said,

“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. We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Also speaking on the initiative, Ron Hose, the CEO of Coins.ph, one of the three chosen platforms, said,

“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”

The post Triple Threat: Ripple Announces Three Preferred Cryptocurrency Exchanges as Part of Expanded XRapid Paradigm appeared first on UNHASHED.

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