Ripple, the company behind the third largest cryptocurrency, said that its xRapid solution was now commercially available, with three companies already signing an agreement to use the new platform. xRapid leverages blockchain for cross-border payments and uses the XRP coin as an intermediary currency. This is the first time that financial services providers or any companies will use XRP in a commercial application, which might support demand for the coin.

The xRapid platform will be used by payment firms Mercury FX and Cuallix and cooperative financial company Catalyst Corporate Federal Credit Union, Ripple said. CEO Brad Garlinghouse…

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