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.
“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.
“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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