By
Temitope Olatunji
April 18th, 2024
With the new option, users of the cryptocurrency will be able to easily buy, sell, store, and transfer their XRP coins via the Crypto.com wallet app.
Crypto.com, the Hong Kong cryptocurrency payment platform previously known as Monaco, has announced it integrated Ripple’s XRP into its wallet and card app. Now, customers will be able to trade, track, and send the digital currency via the platform.
In addition to the newly added coin, the service already offers five cryptocurrencies – bitcoin, ether, binance coin, litecoin, and Crypto.com’s MCO.
“XRP is the first coin that we’re releasing on our newly built backend infrastructure, which allows us to add new coins faster, as well as, to perform faster withdrawals, all while maintaining full security of the platform,” said Kris Marszalek, co-founder and CEO of Crypto.com.
The integration is part of the Crypto.com’s goal to fuel the worldwide adoption of the digital currency. In the future, the company says, they plan to expand the list of coins available on the platform.
“We intend to increase the number of coins listed aggressively, to eventually cover all cryptocurrencies that matter,” Marszalek added.
Ripple’s SWELL Conference
The announcement comes just two days since the end of SWELL, an annual conference organized by Ripple to bring together the world’s leading experts in the financial industry. Apart from Bill Clinton, who was the keynote speaker at the event, SWELL featured such big names as Banco Santander’s Ed Metzger, former Chief Product Officer at eBay R.J. Pittman, and Sunil Sabharwal from the International Monetary Fund.
During the first day of the event, Ripple announced the commercial deployment of its new xRapid payments solution. The launch is a major move towards further business expansion and according to Ripple, it will help to overcome skepticism about the virtual currency.
The platform is designed to eliminate the problems of traditional settlement systems, reducing the cost of transactions by cutting exchange fees and bringing down settlements time from around 2-3 days to just a couple of minutes.
Currently, the solution is being used by three companies: MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. Both MercuryFX and Cuallix also participated in the pilot-phase testing of the xRapid technology earlier this year. In addition to these companies, Ripple has tested the solution with money transfer firms like Moneygram and Western Union.
In the meantime, TransferGo’s CEO, Daumantas Dvilinskas, noted during his speech at SWELL that the platform recorded a 315% growth after joining RippleNet. The company uses Ripple’s xCurrent technology to manage cross-border and has recently launched its first xCurrent transactions from everywhere in Europe to India through a partnership with Access Bank. Dvilinskas also highlighted the benefits offered by Ripple, including standardized APIs and real-time messaging that allows banks manage risk customer profiles.