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Mercury FX uses Ripple’s xRapid to transfer thousands of dollars on a weekly basis, says CEO Alastair Constance

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Mercury FX uses Ripple's xRapid to transfer thousands of dollars on a weekly basis, says CEO Alastair Constance
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Mercury FX is a money remittance service based in London with offices in various countries around the world. It is also one of Ripple’s many partners, and is focused on cross-border payments.

In an interview with Decrypt, the CEO of Mercury FX, Alastair Constance, spoke about their recently opened xRapid corridors in Mexico and the Philippines.

Constance said,

“We are steaming ahead, to be honest, and we are looking for more jurisdictions and more flow to the jurisdictions we’ve already opened up… We are working very closely with [Mexico and the Philippines] on opening up new channels. We are very keen to move very fast but it’s difficult when you’re building a new network.”

He also added that Mercury FX was working with Ripple to expatriate Filipino and Mexican communities and companies doing business in those channels.

Additionally, Constance said that operating cross-border payments had two challenges, the first one being capital control, and the second one being crypto exchanges in destination countries.

Constance added that the two aforementioned channels were constantly being used, with about tens of thousands of dollars being transferred through those payment channels using xRapid. Further, Constance explained that he wanted to attract more customers or potential clients in those countries.

He stated,



“Once the pipe is open, there is no limit to how much one can put through it. We are actively marketing with Ripple, to try to invite those kinds of clients and, I think, with increasing success. It could be that we have serious amounts of luck and we end up doing hundreds of thousands, millions, tens of millions of dollars.”

@ownAmonkey, a Twitter user, commented,

“I don’t buy. Ten of thousands each week between Mexico and Philippines. Yeah right 🙄”

@ZerpEnthusiast, another Twitter user, added,

“I can’t believe people are complaining. The price isn’t moving because tens of thousands still isn’t a lot in the scheme of things, but it’s a preview of what’s to come. Imagine once other FI’s start to send tens of thousands which can then turn into 100k-millions+ and so on”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ripple

Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing

Akash Anand

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Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing
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Ripple and XRP have been mainstays in the cryptocurrency market for a long time now, with the company known for its partnerships with several institutions while the XRP community continues to be one of the most active spaces in the cryptoverse. In a recent interview, Monica Long, Senior Vice President of Marketing at Ripple, spoke about XRP’s positives, as well as Ripple’s future plans.

Speaking to Trader Cobb, Long stated that the main focus of XRP is utility as “the success of any cryptocurrency comes down to how useful it is.” The VP of Marketing added that XRP is very fast, with the added advantage of increased scalability, when viewed as a settlement asset. In her words,



“XRP is very scalable, almost 50-100 transactions per second. The design and consensus also become faster because it does not face the same network issues as Bitcoin or Ethereum. When it comes to RippleNet however, the killer use case comes in serving liquidity on an on-demand basis.”

Long touched upon Xpring and the involvement of the broader cryptocurrency community in developing XRP’s use cases. She also clarified some points with respect to XRP’s inflow into the ecosystem accounting for a major share of XRP, owned by Ripple. According to her,

“RippleNet customers if they choose to use xRapid, which makes use of the XRP liquidity, don’t have to hold XRP to conduct processes. Hedge funds and other market makers provide that XRO and the liquidity is through cryptocurrency exchanges. We do sell Over the Counter to credit institutions.”

With regard to future developments, Long claimed that Ripple is focused on driving growth for RippleNet, as well as increasing institutional adoption. Apart from that, Ripple is also planning to partner with more financial institutions in other countries, as well as accelerate volumes on the internet. Monica Long encapsulated the organization’s plans by stating,

“We want customers to be thinking about how RippleNet can improve services in as many financial corridors as possible.”





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