Ripple set to launch new crypto-based product xRapid.
September 19, 2018 6:31 am,
Blockchain start-up Ripple which was founded in 2012 and owns about 60 billion of the total 100 billion XRP tokens in circulation is ready to launch a Cryptocurrency-centred product with commercial applications around mid-October known as xRapid.
According to Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, the company had made ‘significant headway’ with its product called xRapid.
The aim of this product is, Firstly, helping banks in speeding up transactions using the XRP Cryptocurrency, Secondly, allowing payment providers and banks to process faster cross-border transactions as xRapid uses the XRP Cryptocurrency as a kind of Bridge between currencies.
The product allows a group, like a bank, to convert their fiat currency to XRP, which is then sent to the receiving party, and quickly converted to the receiving party’s fiat currency. This system completes these processes automatically, allowing fiat currency to be converted and moved to anywhere in the world in an incredibly short amount of time as compared to current settlement systems.
For an illustration, a bank might want to process a transaction from U.S. dollars to Indian rupees. According to Ripple, this process requires pre-funded local currency accounts in order to take place. With xRapid, Ripple claims that process would speed up by converting the U.S. dollars into XRP tokens, to then move the money overseas, converting it back into Indian rupees at the other end.
Currently, 120 banks and financial institutions are partnered with Ripple, using its Blockchain-based product xCurrent. Ripple’s xCurrent is used by banks to settle international transactions.