Cuallix has been in partnership with Ripple for a better payment solution to perform cross-border payments for a long time. Cuallix’s CFO Nicolas Palacios spoke about how they could be the only company in Mexico using Ripple’s xRapid solution.
Ripple’s official Twitter account posted a video on January 14, 2019, 12:00 IST about Nicolas Palacios speaking at Swell Conference. Ripple tweeted:
“@Cuallix’s Nicolas Palacios describes how xRapid provides a major benefit to cross-border payments recipients in Mexico. #SwellbyRipple.”
Nicolas Palacios said:
“Given that it is more faster and more efficient and more transparent, that can help us give that to our final client. In Mexico, I believe, we are the only ones using it, and Mexico has a need, the whole population to have good financing products and this [Ripple’s xRapid or other products] can be the right way to do it.”
Moreover, Palacios said that Mexico needs good financing products [payment solutions] and that the right way to that was with Ripple’s blockchain payment solutions that include, xRapid, xVia, and xCurrent.
Cuallix is a financial institution with more than 25 years of history with operations in Mexico, the United States, and Hong Kong. It is also focussed on providing credit and payment processing solutions to individuals and companies, with products based on specific customer needs and digital content.
Ripple and Cuallix have been perfecting their partnerships since early 2018 when Cuallix first used XRP and xRapid on its platform. Cuallix were also the winners of Blockchain Innovators in 2018.
@Victorpires85, a Twitter commented:
“All you hear about is Mexico and the Philippines … how about Argentina, Brasil, Peru, Vietnam, Indonesia, Mongolia, South Africa, Angola….. heck you name it. What’s happening there?! Or are we relying only upon Mexico and the Philippines for the next few years?”
“I can’t remember who it is but the Japan to Brazil corridor is either working now or being tested. Large population of Japanese in Brazil for what I remember. Plus Japan to Thailand. India to middle eastern country’s. All kinds”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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