Ripple, the blockchain based start-up will soon launch xRapid, its cryptocurrency product for finding application in commercial purposes. In an interview with CNBC on Monday, Sagar Sarbhai working as the regulatory relations’ head at Ripple in Middle East and Asia Pacific region has asserted that Ripple is rapidly progressing with its plan of launching xRapid product.
Sarbhai has mentioned that currently Ripple is in partnership with 120 banks or more leveraging xCurrent, another blockchain product of the start-up. The fundamental purpose of using xCurrent is for settling up international transactions. As per the statement given by Ripple, the distributed ledger technology of the platform, facilitates exchange of messages between banks. This confirms real time based cross border payment.
Function of xRapid
Till now, the company has dealt with a number of significant financial institutions, however, none has yet begun to test xRapid. The list of these institutions include American Express, Western Union, Santander and MoneyGram. He has shed adequate light on the role of Ripple’s XRP to “bridge” the gap between two or more currencies, thereby, speeding up transactions conducted by the banking institutions and the payment providers.
In the CNBC interview, Sagar has expressed his confidence regarding the upcoming launch stating, “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.” He has also focused on the improving scenario of the regulatory bodies associated with crypto space and blockchain technology.
The recognition of the positive sides of digital currencies by the financial regulators is also mentioned by Sagar. According to him, “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.” He has commented, “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.”
Furthermore, Brad Garlinghouse, Ripple CEO has asserted earlier in 2018 that as 2019 would come to end, xRapid will find its banking application in ‘‘dozens”. Currently, coinmarketcap suggests Ripple [XRP] occupying third position in the list of cryptocurrencies that has experienced 1.47% upsurge. With a valuation of $0.281, the market cap is marked at $11.21 billion having a supply of 39.81 billion.
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