The crypto industry has come a long way when it comes to adoption. More and more businesses accept crypto payments today. Many years ago, this was not the case. Institutions and individuals alike now understand the importance of the blockchain and cryptocurrencies and this has spurred a lot of collaborations.
When it comes to collaborations with institutions, Ripple is at the forefront. It is the first open payment network in the globe and is run by Ripple Labs. This network is rapidly expanding across the world with its adoption by several banks, financial firms as well as exchanges.
CROSS Adopts Ripple Technology For Cross Border Remittance
Ripple has been the leading remittance firm which provides service for cross border transactions. Its speed makes it stand out among its competitors. This blockchain firm has collaborated with a new firm for cross border remittance. CROSS, another instant remittance firm announced that it has adopted the Ripple technology.
CROSS started out in Korea not too long ago. The company is a popular global remittance firm which offers cross border remittance on an easy platform.
With this collaboration, CROSS would benefit from the speed, low transaction fees and high security. Also, the network is government licensed as required by the recently amended Foreign Exchange Act.
CROSS is currently providing services to several Asian countries including the Philippines, Thailand, Vietnam, India, and Malaysia. In the coming days, Singapore and China are expected to join this lineup. The goal is to offer cross border remittance services across Southeast Asia to enable users to send money to their friends and family.
Ripple Pushing XRP Towards Mass Adoption
CROSS makes use of Ripple’s technology to move payments rapidly through a secure ecosystem. The network has an ideal system for all remittance payments, and this is the main reason why it is a good match for other networks like CROSS.
xCurrent and xRapid are the major services provided by Ripple. While xRapid uses XRP, xCurrent uses RippleNet as a medium of exchange. The firm is standing out when it comes to revolutionizing the banking systems of the world. This is why many financial systems in different parts of the world use Ripple as a payment method.
Ripple’s role in capturing Southeast Asia is commendable as it will have a positive impact on the company’s growth. As the world moves towards the adoption of new payment systems, Ripple seems to be in the lead with its technology.
XRP is the native token of Ripple and these steps to collaborate with institutions would boost the price of the token. xRapid uses XRP and as the blockchain company continues to grow, XRP would move closer to mass adoption. The news comes at a time when the token is struggling to remain bullish. It is a boost for XRP life use cases which also gives users from emerging markets an opportunity to interact with XRP.
XRP Price Today
XRP is still the third largest crypto by market cap in the world according to Coin Market Cap. Despite the gloomy short term outlook, the coin has a bright future. Such minor developments have a role to play in the long term progress of the coin. At press time, XRP is trading at $0.309969 with a market cap of $13,276,813,547. It has lost more than 2% of its value in the last 24 hours. The top 20 coins are all in the red zone with only Basic Attention Token in the green.