Australian users of the crypto exchange Bitstamp will now be able to deposit US dollars to their account instantly using a Ripple-powered money transfer service called Flash FX. Transfers to the long-running trading venue would previously take days.
Flash FX uses Ripple Labs’s instant global settlement service, On-Demand Liquidity. The service makes the digital asset XRP a bridging currency between the customer’s Australian dollars and the US dollars supported by Bitstamp.
Buy Bitcoin Instantly at Bitstamp Thanks to Ripple’s Crypto XRP
Australian users of the crypto asset trading venue Bitstamp will now be able to fund their accounts with US dollars much faster thanks to Ripple-powered global payments startup Flash FX. The company uses Ripple’s On-Demand Liquidity service to facilitate the near-instant payments. The news comes via a post to Flash FX’s website.
Traditionally, Australian Bitstamp users would have been forced to transact via SWIFT through their bank or another payments firm. A now antiquated system, SWIFT transfers take days and incur significant fees.
Using Flash FX, traders no longer need to wait for funds to arrive in their Bitstamp accounts. The service uses the Ripple-associated digital currency XRP to allow the near-instant settlement. Once customers have loaded their Flash