Ripple is the first open payment network in the world which is run by the Ripple Labs. The system is expanding across the globe with its adoption by different financial firms, banks, and exchanges.
The blockchain firm has grown as a promising remittance firm providing service for cross-border transactions. Now, another instant remittance firm, CROSS, has adopted Ripple technology.
About Ripple’s New Instant Payments Partner CROSS
Not too long ago, a new remittance service started in Korea named ‘CROSS.’ It is a global remittance network that provides users with an easy platform to make cross-border transactions.
Using Ripple’s technology makes it send money at fast speed. It provides high security with low transaction fees. Moreover, the key aspect is that it is licensed by the government in compliance with the newly amended Foreign Exchange Act which makes it a reliable network.
At the moment, CROSS (crossenf.com) provides service to several countries including Thailand, Philippines, India, Vietnam, Malaysia. The service will be available in China and Singapore in the coming days. The main objective is to provide service across Southeast Asia, where customers would be able to send money to friends and family.
Using Ripple
CROSS uses Ripple’s technology which allows payments of any size to move rapidly with a secure ecosystem. Ripple has an ideal system for remittance payments, which is one of its key features and this makes it more suitable for networks like CROSS.
Ripple provides with two major services, xCurrent, and xRapid. xCurrent uses RippleNet, whereas, xRapid uses XRP as a medium of exchange. With the crypto industry revolutionizing the financial (banking) systems, Ripple is ahead from many other systems currently used in the world. That is the main reason why financial systems are adopting Ripple for payment method.
It is good for Ripple as it will have a positive impact on its growth across the Southeast Asian region. The world is moving towards the adoption of a new payment system and Ripple seems to capture this industry with its stupendous technology.
A Boost for XRP
XRP is a core subject to Ripple, as the blockchain firm uses XRP service (xRapid) for the payment method. Ripple’s growth is always key for XRP’s success and its adoption. This is a real boost for XRP real-life use cases, where customers from the emerging markets have a new opportunity to interact with Ripple’s XRP.
XRP is the third-largest crypto in the world and with Ripple assistance, it’s future in the market looks good. Such small developments play a key role in long-term progress. At the time of writing, XRP trades at a price of $0.31029 after going down by 2.56% in the last 24 hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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