The long-awaited and much anticipated digital currency product of Ripple Lab Inc., which is aimed at making XRP the digital currency of choice for global payments between financial institutions, is finally getting close to production through an actual commercial application.
The head of the regulatory relations of Ripple Inc. in the Middle East and Asia-Pacific regions – Sagar Sarbhai – said the company believes this product – xRapid – could go live as soon as a month. He said this during an interview with CNBC. Sarbhai said that he is very confident that in a period of one month or so, there will be some good news emanating from the launch of the product.
XRP to See More Adoption as xRapid Uses XRP
Unlike the other blockchain products of Ripple Inc., XRP utilizes the public XRP digital currency for settlement, and the firm says the product enhances the speed of international fund transfers. As earlier reported in Smartereum.com, Ripple Inc. had picked three digital currency trading platforms – Coins.ph, Bits, and Bittrex – as its preferred partners for the ecosystem of xRapid, perhaps foretelling the commercial launch of the product.
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Brad Garlinghouse – the CEO of Ripple Inc. predicted earlier this year that a bunch of financial institutions and banks would use xRapid – and XRP by extension – before the end of 2019. According to Sarbhai, over 120 financial institutions and banks are presently using the xCurrent product of the firm – xCurrent uses blockchain tech to reduce payment time but it doesn’t use XRP.
Also during the interview, he said that regulator and other decision-makers all over the world are starting to recognize and acknowledge the benefits of digital currencies – not only blockchain technology. XRP was launched back in 2012, and the majority of the digital currency is still owned by Ripple Labs Inc. The digital currency, which tested its all-time high earlier this year at $3.84, has since lost more than 90 percent of its value.