Ripple announced on 16th August 2018 its partnership with three exchanges to utilise its xRapid cross border payments system. The system has been designed to reduce liquidity costs with high speed, low cost, scalable transactions using the XRP currency. Exchanges using this system will have to move the xRapid payment from the currency it is in, into XRP and back into a different currency when it reaches its destination. Essentially the system will buy Ripple with the first transaction on an exchange and move it to another exchange almost instantly, converting it to the other fiat currency.
The partnership is to allow access for xRapid transactions to move through different fiat currencies. Bittrex has been chosen for transactions involving US dollars, Bitso for the Mexican Pesos and Coins.ph for the Philippines Pesos. You can buy Ripple on all these exchanges. Ripple provides a breakdown of the process using the exchanges as examples:
Chief Market Strategist at Ripple, Cory Johnson, stated that Bittrex and the other exchanges are some of the biggest names in cryptocurrency trading, signifying the importance of the partnership. The partnership is laying the foundations for when xRapid develops from beta into production.
Ripple previously trialled xRapid with financial institutions who saw potential savings of 40-70% comparable to the normal foreign exchange, facilitating the transaction in two minutes as opposed to two to three working days.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards