Ripple officially recommends three cryptocurrency exchanges for payments using xRapid.
Bittrex, Bitso and Coins.ph will now be the “preferred cryptocurrency exchanges” Ripple in the framework of efforts to establish ecosystem XRP.
Corey Johnson, chief market strategist at Ripple, said that the company encourages all of its customers from USA, Mexico and the Philippines to use these three exchanges for sending money with the help of xRapid.
In the US, our official partner is Bittrex. Thus, any Bank can come to Bittrex and receive a guaranteed liquidity, exchange USD to XRP, send money to Mexico for Bitso, our preferred partner is there and convert [Mexican pesos].
According to Johnson, a financial institution must have accounts on the listed exchanges to convert U.S. dollars or Mexican or Philippine pesos.
Three exchanges were selected because of the size of their assets in XRP, which allows them to provide a higher level of liquidity, he said, adding that “there is a group of companies around the world that use XRP, we are about to find exchangers with satisfactory level of liquidity and would recommend them.
Johnson said that the list of “recommended” exchangers will be augmented with:
We are focused on the busiest corridors [money]. We want to focus where there is already a good market for XRP.