Ripple announced a new partnership with two new companies on Wednesday. The two companies are a currency exchange firm and telecom providers. Both are poised to take advantage of XRP, the Ripple’s currency.
The two firms are MercuryFX and IDT Corporation. IDT Corporation handles international payment services for long distances. Mercury FX, on the other hand, deals with foreign exchange transactions and discount rates.
These two partnership is bound to help Ripple to make their currency impactful in the real world.
This announcement comes after their partnership with Mexican bank Cuallix and MoneyGram.
Ripple also added that both the companies would be using their XRapid product. The XRapid product uses XRP as the currency to make payments possible. This is good news for everyone who is currently invested in XRP.
XRP sudden rise in the last two months has brought a lot of speculation among cryptocurrency enthusiasts. It has grown over 35,000% in the last year, making it one of the most hyped coins. However, the recent dips are not as encouraging.
Ripple’s CEO Brad Garlinghouse has also pointed out the importance and usage of XRP on multiple occasions citing that it can help financial institutions to free up their funds from Vostro and Nostro accounts. The financial institutes only need to embrace Ripple as their payment solution to make it possible.
Right now, the price of XRP is hovering around $1.40 which is almost half of its all-time high of 3$. The current market cap has also dropped significantly dropping from 2nd to 3rd position in market cap.
Garlinghouse welcomed the decision of MercuryFX and IDT Corporation by adding, “Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We’re excited to have them at the forefront of the Internet of Value.”