Las Vegas, NV (PRWEB) October 09, 2014
eSpend (http://www.espend.com), a California financial technology company, has integrated Cryptsy, a Florida crypto-currency exchange, with the Ripple network. eSpend’s Ripple gateway software lets Cryptsy provide its customers with the ability to trade XRP, the Ripple network’s native currency, against Crypty’s current 130-plus currencies including USD. In the near future, Cryptsy intends to become a full-fledged Ripple gateway that allows all currencies to be transferred and traded on the Ripple network.
“We have been wanting to get XRP on Cryptsy for a long time now,” said Paul Vernon, CEO and founder of the Cryptsy exchange. “The team at eSpend has made it easy and we look forward to working with them to bring in more of Ripple’s features.”
Ripple is an open-source payments protocol developed by Ripple Labs. The Ripple protocol features a peer-to-peer, multi-currency exchange on a distributed, open order book, and cross-currency payments that settle in approximately 5 seconds thanks to Ripple's unique “pathfinding” and “consensus” algorithms. The protocol uses XRP to prevent abuse of the network, which market makers can use as a bridge currency between exotic foreign exchange pairs to increase capital efficiency. By integrating XRP with its exchange, Cryptsy now offers customers the fastest way to move liquid capital between exchanges for arbitrage purposes.
"We're excited to see eSpend and Cryptsy expand the Ripple ecosystem," said Chris Larsen, co-founder and CEO of Ripple Labs. "Cryptsy's gateway integration will make more than 90 new alternative currencies more liquid - tradable on Ripple's worldwide asset exchange, and spendable through debit card offerings built on Ripple.”
Cryptsy is the first eSpend client to integrate with eSpend's Ripple gateway technology, which has been in development since early 2014. After a successful trial period with eSpend's XRP bridge technology, Cryptsy will enter stage two of the gateway integration. Cryptsy customers will then be able to withdraw their Cryptsy balances to their own Ripple wallet and trade those balances against any other asset being traded on Ripple's open order book, including USD, EUR, CNY, JPY, XAU, XAG, BTC and more. In order to encourage user participation, Cryptsy will be offering 0% trade fees on XRP markets until October 15th.
eSpend's Ripple gateway technology has been developed with institutional fund custodians and market makers in mind, including banks, credit unions, asset exchanges, brokerages, and foreign exchange firms. This new technology is designed to be fully compliant with KYC and AML regulations while enabling real-time settlement of cross-border and interbank payments with no foreign exchange risk and no need for correspondent banking relationships. Cryptsy is the first of several companies that are in the process of integrating with eSpend technology, with more exchange and bank partners soon to be announced.
For more information about eSpend, please contact info(at)espend(dot)com; For media inquiries: espend(at)transform(dot)pr
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