Financial institutions have begun paying more attention to Ripple. That is only normal, as the company provides blockchain solutions tailored to the financial sector. Cuallix Mercadotecnia is the latest company to get on board with Ripple, as it will integrate the project into its Cuallet solution.
CUALLIX SEES MERIT IN RIPPLE
One of the main reasons a lot of cryptocurrency enthusiasts dislike Ripple is because this company wants to streamline traditional finance. Its blockchain-based services try to make money transfers cheaper, offer cross-market liquidity, and transition banks and other service providers to the XRP asset. This is in stark contrast to how cryptocurrencies generally work. At the same time, it seems a lot of service providers have taken a liking to what Ripple has to offer in terms of its products and services.
For Cuallix Mercadotecnia, the decision to integrate Ripple’s technology seems to make a lot of sense. The company specializes in addressing three main issues found in the financial sector today. First of all, it aims to improve the overall speed of transactions and the certainty of funds reaching the intended recipient with as little friction as possible. Secondly, the company manages liquidity. Last but not least, Cuallix Mercadotecnia focuses on connection standardization in the financial sector. It is evident a lot of these objectives are virtually the same as what Ripple tries to achieve. As such, these companies joining forces simply makes a lot of sense. It will be interesting to see if both entities can bring out the best in one another moving forward.
Integrating Ripple’s technology into the Cuallix business model will occur via the Cuallet service. This is a digital tool designed to facilitate money transfers with all of the convenience and speed consumers demand and desire. With the new format, Cuallet will commence money transfers via Ripple’s xRapid service. xRapid is designed for cross-border liquidity using the XRP asset, which makes it appealing to a lot of money transmitters worldwide.
All transactions sent through Cuallet will be processed with the xRapid service. This should provide the most competitive liquidity option across all third-party markets and exchanges to which the network is connected. Whoever offers the lowest exchange rate will receive the amount being sent, convert it to XRP, and send the funds to the destination in a matter of seconds. Afterward, this XRP is converted to the recipient’s national currency and funds are settled automatically.
In the long run, Cuallix Mercadotecnia hopes to achieve faster cross-border transfers at a much lower price. Additionally, customers will be at ease knowing their transactions will arrive in an efficient manner moving forward. For a company trying to position its service as the “ewallet of the future”, this decision may pay off for Cuallix Mercadotecnia in the long run. Only time will tell if it made the right choice.