I’m not sure how familiar people are with what Ripple (the company which created XRP, the cryptocurrency) is trying to do, so I thought of giving a little intro.
They’re using the XRP ledger/blockchain (XRPL) to provide interesting services to financial institutions. Recently they’ve acquired a 10% stake in MoneyGram, and MGI will use the xRapid product to reduce costs and potentially free up their cash assets, too.
xCurrent enables institutions to exchange currency IOUs on the blockchain.
xRapid enables institutions to settle instantly by using the XRP cryptocurrency/token. The institutions never have to touch the XRP cryptocurrency, as all the magic happens in the “black box” of the xRapid product.
Example: institution A has JPY, and wants to deposit USD into B’s account using xRapid.
What happens is this: xR exchanges JPY for XRP through some partner exchange/gateway, sends it over to some other partner exchange in the US, exchanges XRP for USD, and deposits the USD into B’s account. The exchange rates at both ends are known before committing to the transaction, and for smaller amounts (due to liquidity constraints) it looks like it’s a competitive way to transfer value cross-border, and it’s all settled in less than a minute thanks to near-instant settlement feature of the XRPL.
I know the focus is on other things, and that Evarvest doesn’t really want to deal with crpyocurrencies for the near future. However, this could eventually become of interest as a way to quickly settle deposits/withdrawals.
Another big player in partnership with Ripple is the Japanese SBI Group (https://www.sbigroup.co.jp/english/company/group/sbirippleasia.php) which recently launched a new product involving XRP: https://www.fxstreet.com/cryptocurrencies/news/ripple-partner-sbi-holdings-announces-vctrade-pro-services-201908012254
Disclosure: I hold XRP.