Ripple has endorsed three cryptocurrency exchanges as "Preferred partners," for conducting business with the xRapid payment service using the XRP cryptocurrency.
Bittrex, Bitso and Coins.ph will serve as the "Preferred digital asset exchanges," in expanding the XRP ecosystem.
In an interview with Coindesk Ripple's chief markets strategist, Cory Johnson, told them that Ripple is in essence encouraging all of its clients in the U.S., Mexico, and Philippines to use these three exchanges to send funds using xRapid.
Quoting the interview with Coindesk: "So in the U.S. we're saying the gold standard, our official partner is Bittrex. So any bank can go to Bittrex and have guaranteed liquidity on the spot, trade their dollars for XRP, zip over to Mexico to Bitso, our preferred partner there, and convert [to Mexican pesos]," he said in an interview.
Financial Institutions will have to have accounts with these exchanges in order to convert native currencies to XRP.
More exchange announcements are to follow.