LAS VEGAS, Nev. – eSpend (http://www.espend.com/), a California financial technology company, has integrated Cryptsy, a Florida crypto-currency exchange, into 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 Cryptsy’s current 90-plus currencies. In the near future, Cryptsy intends to become a full-fledged Ripple gateway, allowing 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.
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 wallets 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.
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’s technology, with more exchange and bank partners soon to be announced.