Ripple could launch xRapid payments platform by next month

Irving Hamilton
September 21, 2018

Designed as a system to speed up transactions, using the XRP crypto that Ripple created as its gas, the company sees the system as a back-end bridge between currencies and would need the confidence of banks behind it pre-launch.

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. According to Sarbahi the firm believes xRapid could launch in a month or so.

Alongside with SBI group, Ripple Labs have already beta tested the product for financial and banking institutions, additionally signing an agreement with NCB, which is also testing xRapid since the partnership was sealed during the last week.

RippleNet is Ripple's enterprise blockchain network with over 100 financial institutions including banks, payment providers, remittance operators and other financial institutions using the SWIFT-replacement platform for near real-time clearing and settlement of worldwide transactions. Ripple also has partnerships with more than 120 banks and financial institutions, especially in the Asia-Pacific region. With XRapid, the company provides a real-time settlement platform to make global payments a seamless experience, in addition to lessening the burden of liquidity need to cover fast payments.

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xRapid allied with the Ripple Company's own cryptocurrency XRP allow for on-demand liquidity, significantly lowering costs while facilitating real-time payments in emerging markets. For example, a bank may execute a transaction from the US dollars to Indian rupees.

"Regulators historically treated decentralized cryptocurrencies with circumspection or hostility, while remaining more receptive to blockchain's benefits because it was seen as more beneficial to industries across the board". With xRapid, Ripple claims that process would be sped up by converting the USA dollars into XRP tokens, to then move the money overseas, converting it back into Indian rupees at the other end. Those companies include Santander, American Express, MoneyGram and Western Union. One XRP coin can now be bought for $0.28 or 0.00004326 BTC on major exchanges including Bitinka, Altcoin Trader, Braziliex and Bitstamp.

In June 2018, Brad Garlinghouse, Ripple's CEO, said that he expected to see xRapid users "in the order of dozens" in 2019. Investors seeking to trade XRP should first buy Bitcoin or Ethereum using an exchange that deals in USA dollars such as Coinbase, Gemini or GDAX. A couple of years ago the narrative was: blockchain good, crypto bad. He has further continued stating, "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".

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