Mercury FX was launched in 2017 with a focus on providing both individuals and corporations with faster, secure and minimal cost currency services. The founders of the firm, Alastair Constance and Matt Collins realized that commercial banks in the current economy are not only expensive but also slow when handling currency receipts as well as payments.
The company has been very blockchain progressive in the recent years and is aware that the blockchain technology has power that needs to be harnessed. Cryptocurrencies Like Ripple XRP (XRP) have the power to disrupt the traditional fiat currency payment systems. However, the policy at Mercury FX in the recent years “has been to pursue a symbiosis of fiat and crypto payments to advance, accelerate and streamline international financial flows.” The latest market news on Mercury FX website states:
“Rather than see cryptos and blockchain technology as a threat, we have for some time been looking at the optimal ways to embrace and integrate said technologies.”
The payments company has come to believe that soon established blockchains will challenge the effectiveness of SWIFT to the extent of replacing it entirely. Other slow payments systems will also be done away with as the blockchain systems provide viable payment networks effective for the growing world economy. Cryptocurrencies are going to be the means that replaces the fiat in the future.
For this reasons, Mercury has announced that it is going to be running payment trials in both China and Mexico with Ripple whose coin is XRP (XRP). There are many markets in the world that are not connected to the global fast late of finance. Mercury is delighted to be among the pioneers of merging the blockchain technology into the existing fiat currency systems for better service provision.
This will give opportunities to people who will now have access to various international markets and in turn birth new markets. In addition to that, the creation of new markets will ensure that societies get access to the global financial markets as well as initiate trading and monetization of goods and services.
Mercury FX has the bigger picture, especially when it comes to poverty alleviation. It sees the vast opportunities that the new technology has to offer to both individuals and corporations. And this not only refers to the lower costs but also the potential financial returns for the markets that are emerging. Mercury says optimistically in conclusion:
“As with all things, we will start with modest sums and add 0s as we progress. Come the end of the pilot there is no reason we shouldn’t be making payments of a million dollars or more.”
Mercury has offices in London, Hong Kong as well as Cape Town. The team at the company is multi-lingual and focuses on providing more than 50 currencies. They operate on the principle of “Save money and time and make life simpler.”
Ripple XRP (XRP), on the other hand, is a blockchain based company that concentrates on providing financial solutions to banks and payment institutions. It boasts of its xCurrent and xRapid payment solutions that are currently in use in banks and other institutions around the world. Its cryptocurrency token XRP is the third largest digital asset in the world. It has a market capitalization of $11 billion and is currently trading at $0.28.