UK-based currency conversion company Currencies Direct recently announced a successful trial and implementation of Ripple’s xRapid platform. Currencies Direct is specializing in reducing fees involved in currency conversion in the eCommerce world. They are examining at minimizing fees by providing cheaper exchange rates for online retailers than those they charge e-marketplaces such as Amazon.
According to the report of thecoinradar.com, the successful adoption of xRapid will permit the company to make the next step into the industry and gain a competitive advantage over their competitors. According to the trial results, any transfer between pre-screened parties took seconds rather than the usual 3 to 5 days. This is a fabulous progress and a huge step for the industry.
This trial is a genuine example of the real-world use case for cryptocurrencies such as Ripple. This trial consists of a technological proof that XRP is an impressive tool for the transfer of value, succeeding superior speed of payment to traditional methods and end-to-end transparency.
Brian Harris, Chief Product Officer at Currencies Direct declared:
“Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.
Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.
This represents a revolutionary step for the industry and clearly shows how FinTech companies like Currencies Direct are helping to revolutionize the financial services sector. We’re proud to be early adopters of this technology.”