SAN FRANCISCO--(BUSINESS WIRE)--Ripple, the only blockchain payments provider with proven commercial deployments, has announced today the expansion of its partnership with BitGo to list XRP on several leading digital asset exchanges: Bitso, Coinone, bitbank, and SCI’s BuyBitcoin. Additionally, AlphaPoint will be adding XRP to their platform so that their exchange customers can easily list XRP, and separately, Quoine’s QRYPTO exchange will list XRP in Q2 2017. SBI Virtual Currencies also plans to list XRP later this year.
By working with a greater number of exchanges across different countries to list XRP, Ripple can better serve the growing demand for global payments in both major currency corridors and emerging markets. This is ultimately because the more XRP is traded against different currencies, such as the Korean won (Coinone) and the Mexican peso (Bitso), the more liquid it becomes.
Commenting on the announcement, Asheesh Birla, VP of Product at Ripple, said:
“Listing XRP on several new exchanges reduces the friction for our customers to send payments into these rapidly growing markets. Within hours our customers can get-up-and-running with payments into a new country.”
As XRP liquidity increases through these additional exchange listings, cross-border payments become easier for financial institutions to make, particularly in emerging markets. This is crucial because making payments in many emerging market currencies can be costly: it requires multiple currency traders and pre-funded local currency accounts in the destination country - effectively trapping cash. Instead, payment providers and banks can use XRP to settle these payments on demand, and in a highly liquid and low volatility state, XRP could lower liquidity costs for banks by approximately 98 percent.
Mike Belshe, Co-founder & CEO of BitGo, added:
“Ripple's momentum in making cross-border payments a reality with XRP is palpable. We're excited to be working with leaders such as Ripple, and we're proud to have been selected by them to help other exchanges and their users secure XRP. We expect 2017 will be a very strong year for the digital asset.”
The sustained, growing demand for XRP ultimately enables Ripple to provide clients and customers one frictionless experience when sending money across international borders, particularly in markets that need it the most. The ongoing collaboration with BitGo and these new exchanges will allow Ripple to fulfil that commitment and builds on the significant momentum established by XRP’s previous listings on Bitstamp and Kraken.
To learn more, please visit ripple.com/xrp.
Ripple provides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly and with real-time certainty, optionally using the digital asset XRP to further reduce liquidity costs. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join its growing, global network of financial institutions and liquidity providers.
Ripple is a venture-backed startup with offices in San Francisco, New York, London, Sydney and Luxembourg. As an industry advocate for the Internet of Value, Ripple sits on the Federal Reserve’s Faster Payments Task Force Steering Committee and co-chairs the W3C’s Web Payments Working Group.