Ripple the firm behind the cryptocurrency XRP just added 2 financial services firms to its roster of clients

One ofRipples flagship products appears to be picking up some steam.

Ripple, the company behind the cryptocurrencyXRP, appears to be picking up steam among traditional financial players.

We dont disclose terms of our deals with customers, the person told Business Insider via email.

Ripple CEO Brad Garlinghouse denied those claims.

Asheesh Birla, the vice president of product for Ripple, told Business Insider earlier this year that the firm wasspeeding up plans for xRapid, an XRP-powered product that seeks to enhance cross-border payments for emerging markets. The product caught the attention of the media earlier this month after it was announced thatMoneyGram, one of the largest money-transfer companies in the world, would begin testing it.

Business Insider Intelligence Exclusive On Artificial Intelligence

The financial technology company, best known for its native digital currencyXRP, on Wednesday announced that two payment companies IDT Corporation and Mercury FX would begin using its xRapid product to settle certain transactions.

Were excited to pilot Ripples xRapid solution for on-demand liquidity, OHagan said in a statement. We expect that xRapid will enable us to settle more transactions in real time and at a lower cost.

A vertical stack of three evenly spaced horizontal lines.

* Copyright © 2018 Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our

The logo of the blockchain company Ripple seen at the Sibos banking and financial conference in Toronto.

The company on Wednesday announced it had added two payments companies to its roster of clients.

The New Jersey-based IDT Corporation, which already uses digital assets to facilitate some transactions, will use xRapid to enhance such operations, according to senior vice president Alfredo OHagan.

Still, some market watchers are skeptical of whether Ripple will be able to attract big-bank clients. The New York Times reporter Nathaniel Popper said he was unable to verify many of thecooperating banks the company had previously announced.

A representative for Ripple declined to say whether IDT Corporation or Mercury FX would pay Ripple to use xRapid.

Alastair Constance, the CEO and founder ofMercury FX, said in a statement that cutting settlement times could shave billion of dollars in unnecessary intermediary fees.

Heres what UBS bosses are saying about a big shakeup at its $2.3 trillion money management unit

Ripple, the firm behind the cryptocurrency XRP, just added 2 financial services firms to its roster of clients

The news suggests Ripple is making inroads among traditional financial services players. Ripple stands out in the cryptocurrency world as a company that seeks to partner with, rather than topple, the existing financial system. Its approach has drawn investors to its digital currency XRP. Its up more than 500% over the past three months, according to Markets Insider data.

Leave a Reply