The head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai, announced that Ripple could launch a commercial version of its payment platform xRapid in the next month or so.
The xRapid product is a platform to boosting the international transactions with cryptocurrency XRP. XRP allows xRapid to reduce liquidity costs and plays a bridge role between banks and providers to make cross-border payment fast and easy.
Sarbhai emphasized that regulators’ stance to cryptocurrencies has been notably different from “blockchain good, crypto bad” to be more attentive toward digital currencies and consider advantages of them. He added that the regulations for blockchain and cryptocurrency technology was getting better with financial watchdogs starting to see strong benefits of crypto.
In August, Ripple became a partner with Bittrex, Bitso and Coins.Ph in order to establish “healthy” ecosystem of digital asset exchanges as a xRapid solution. Due to the fact that all partner crypto exchange companies are based in three different countries, it will enable xRapid to move between XRP, U.S. dollars, Mexican pesos and Philippine pesos. There had already been tested transaction between the U.S. and Mexico as a part of pilot of the xRapid. The participants stated that not only 40-70 percent was saved during the transaction but it took very short time to finish.
The company wants to collaborate with high-profile financial institutions such as Santander and American Express; however, those institutions have put emphasis on another product called xCurrent.
Ripple has not publicized any banks testing or using xRapid yet but banks will not be the first to be the trial for crypto product. Companies which tested the product for money transfer are Western Union and MoneyGram and for payment upstarts are done with MercuryFX, Viamericas and Cuallix.
Although the crypto market has recorded the continuous downfall recently, the token still has a market capitalization – calculation of the price by the number of coins in circulation – of $11.2 billion, the third most valuable digital asset. Ripple, founded in 2012, owns about 60 billion of the 100 billion XRP tokens in circulation. Furthermore, XRP, currently ranked #3 by market cap, is up 20.53% over the past 24 hours. XRP has a market cap of $13.16B with a 24 hour volume of $692.16M.
Author: Jieun Lee