Ripple (XRP) Expects Its Commercial App to Launch ‘in the Next Month or So’

via Ripple.com
Voyager
Voyager

Blockchain startup Ripple has announced that a commercial application of its cryptocurrency-based product may arrive “in the next month or so.”

The head of regulatory relations for Ripple’s Middle East and Asia-Pacific sectors, Sagar Sarbhai, stated that the firm was witnessing significant progress with its xRapid product, which speeds up transactions at banks using¬†XRP. Sarbhai told CNBC, “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.”

Ripple’s xRapid utilizes XRP by creating a “bridge” between cryptocurrencies, which will allow payment providers and banks to process cross-border transactions at a quicker rate. For example, a bank that wants to process a transaction between dollars and rupees would require pre-funded local currency accounts to succeed. With xRapid, Ripple is aiming to speed up the process by converting the starting currency into XRP before transferring the funds and converting them to the final currency.

Currently, more than 120 banks and financial institutions utilize Ripple’s blockchain-based product xCurrent to confirm each stage of a cross-border payment in real-time. Ripple‚Äôs chief executive Brad Garlinghouse believes the startup will house dozens of banks using xRapid by the end of 2019.

In response to the cautionary view banks hold on cryptocurrencies over concerns regarding money laundering or defraud investors, Sarbhai noted:

A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.

The company has struck deals with American Express, Western Union, MoneyGram and Santander, though none of the partnerships have run xRapid trials or started testing cryptocurrency products.

XRP is currently ranked 3rd in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More:¬†Ripple hints its cryptocurrency product will go live ‘in the next month or so’

 
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts