British FX Firm Currencies Direct Pilots Ripple Tech

Foreign exchange brokerage Currencies Direct successfully completed several international transfers using Ripple's xRapid product.

May 29, 2018 at 5:15 p.m. UTC
Updated Sep 13, 2021 at 8:00 a.m. UTC

A foreign exchange (FX) brokerage based in the UK has announced that it successfully tested distributed ledger startup Ripple's xRapid product, which uses the digital asset XRP.

Currencies Direct said Monday that it conducted several money transfers using xRapid, which it claimed were completed within seconds compared to the use of traditional systems, which can take upwards of five days. The company called the pilot "a technological proof of concept for XRP as a means of value transfer, achieving superior speed of payment and end-to-end transparency," according to the release.

Currencies Direct chief product officer Brian Harris went on to declare the pilot program "a resounding success," saying that using XRP to facilitate future transfers can help the firm "significantly improve" customer service.

He added:

"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."

Harris added that the pilot's success "represents a revolutionary step for the industry," according to the release.

Ripple released the results of several xRapid-based pilots earlier this month, pointing to an overall drop in both transaction times and related fees for those who took part in the tests.

Elsewhere, financial firms have recently begun utilizing blockchain technology to reduce foreign transaction costs and times.

, Germany-based Commerzbank facilitated a 500,000 euro transfer using R3's Corda platform. The bank transferred the funds on behalf of multinational conglomerate Thyssenkrupp, which was able to confirm that the transaction occurred successfully immediately, rather than have to wait for confirmation, as previously reported.

Image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
2
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
3
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown
4
CoinDesk - Unknown
Travis Kling on Why a Decentralized Web 3 Is Worth Fighting For

Plus more about Ikigai's new Web 3 venture fund.

Plus more about Ikigai's new Web 3 venture fund.

CoinDesk - Unknown