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Global payment providers IDT and MercuryFX are the latest in a growing line of financial services that will use Ripple’s XRP currency to send money across borders. Ripple boasts its xRapid service allows money to be sent anywhere in the world cheaply and quickly. Transactions that would take a traditional bank days to complete can be carried out almost instantly, according to Ripple CEO Brad Garlinghouse. He said: “It’s no secret that XRP is faster and more efficient than bitcoin or any other digital asset. It settles in three seconds and at fractions of a penny.”

“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.” After the announcement was made public, MercuryFX boss Alastair Constance said: “Ripple, XRP and fiat currency fit hand in glove. “What we’re doing together is realising one of the best use cases for frictionless transactions, which is international settlement.

RIPPLE / GETTY STOCK Ripple price: XRP has announced deals with IDT and MercuryFX

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip

“xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year.”

It’s no secret that XRP is faster and more efficient than bitcoin or any other digital asset Brad Garlinghouse, Ripple CEO

Meanwhile, Alfredo O’Hagan, senior vice president of IDT’s consumer payments business, said: “We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity. “We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.” Earlier this month, XRP received a market boost when it announced it would be partnering with MoneyGram. The money transfer giant followed deals with American Express and Santander banks. Ripple has drawn criticism for its willingness to cosy up to big corporations and embrace centralisation.

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