At the same time proponents of cryptocurrencies are striving to prove that the virtual tokens have a use aside from speculation. " Money transfer firms Mercury FX and Cuallix , and wholesale cooperative financial institution Catalyst have become the first companies to sign up to Mercury 's cross border payments platform , FX . Ripple CEO David Garlinghouse did not reveal the volume of payments the two firms will process but , when live , they will be among the first instances of a virtual currency used by financial institutions in a commercial product . Mercury FX CEO Alastair Constance said payments were set to roll out " within the week " .
Money transfer firms Mercury FX and Cuallix , and wholesale cooperative financial institution Catalyst have become the first companies to sign up to Mercury 's cross border payments platform , FX . Ripple CEO David Garlinghouse did not reveal the volume of payments the two firms will process but , when live , they will be among the first instances of a virtual currency used by financial institutions in a commercial product . Mercury FX CEO Alastair Constance said payments were set to roll out " within the week " .