Ripple’s xRapid Will See Commercial Roll Out In The Next 60 Days
xRapid is one of the trio of Ripple technologies that is now starting to hit headlines. As it stands, xRapid is currently in test phase and is being used by a number of companies as a payment transfer solution. As it stands, no major banks are using or testing xRapid, though it is expected that now the product is almost complete, major banks will jump on board in the next few months, in time with the full roll out of xRapid.
As it stands, many banks are currently using xCurrent, another of the Ripple technologies, therefore, a switch over to the more enhanced xRapid should be quick and easy.
What is xRapid?
According to Ripple:
âxRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity. xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.â
This is important news, as it will in turn bolster the use value of XRP, an asset that is currently in limbo with regards to its association as a potential security, and as a cryptocurrency that has really struggled to actually make any momentum through 2018.
Whilst no date is set for the full commercial launch of xRapid, Sagar Sarbhai, the head of Regulatory Regulations for Asia-Pacific and the Middle East at Ripple has recently spoken to CNBC, during which he has hinted that a roll out of xRapid is coming sooner, rather than later. According to CNBC, Sarbhai has said:
"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.â
Moreover, according to CNBC:
âSarbhai said that more than 120 banks and financial institutions are currently partnered with Ripple, using its blockchain-based product xCurrent. Ripple's xCurrent is used by banks to settle international transactions. The company says the platform, based on distributed ledger technology, is used by banks to message one another, confirming each stage of a cross-border payment in real-time.â
With xCurrent now a key part of many banking products and packages and xRapid looming, it wonât be long before we see a number of these other institutions start exploring xRapid as a service and thus, it wonât be long before we see these institutions start moving XRP around. Thatâs when things will start to get very interesting indeed.
Did someone say institutional XRP investment?