xRapid by Ripple could be launched “in the next month or so” - Ripple (XRP) News. Tuesday, September 18
Ripple (XRP) Cryptocurrency News
xRapid could be launched soon, Ripple hints
The new cryptocurrency product by the blockchain startup could see the light next month
A Ripple representative has let known that their next cryptocurrency product, xRapid, may see a release of its commercial application “in the next month or so.” Sagar Sarbhai, Ripple’s chief of regulatory relations for Asia-Pacific and the Middle East, commented for CNBC that their new product is making significant progress in its development, implying that October could be the month of its launching.
"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production," Sarbhai said.
xRapid is yet another step in Ripples objective to serve as a bridge for cross-border transactions in a faster, safer way. Aimed primarily for banking use, this new product will enable financial institutions to use XRP (Ripple’s native cryptocurrency) for processing such transactions by skipping all the delays caused by the obstacles of traditional banking platforms. In addition, it will also reduce liquidity costs in the process.
While it was stated that the crypto product is aimed to improve transactions processing of traditional banking systems, there is not information about any bank listed to use this new technological solution, or at least give it a try. The only financial entities that has reportedly tested xRapid are MoneyGram WesterUnion, Cuallix, Viamericas and MercuryFX.
Nevertheless, the fact that 120 banks and financial institutions are currently in partnership with Ripple – per Sarbhai – and using xCurrent, a blockchain based product to keep track of a cross-border payment in real-time by involved banks, suggest that the cryptocurrency-focused product will see the banks using it sooner than we think.
In fact, Ripple’s CEO Brad Garlinghouse commented at the beginning of this year that by 2019, “dozens” of banks will be using xRapid.
It is worth noting that the general traditional banking industry has been reluctant to adopt cryptocurrencies, ditching them for having no real value whatsoever – or so they say – while praising the technology behind these, Blockchain. If Ripple’s new product proves to be a success, then the main idea around crypto assets could change for the better.
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