Fast Company is in the center of our XRP news today. It is an American business brand, and magazine that focuses on technology, business and design. Recently, Fast Company honored xRapid in its publication stating it as one of the “world changing ideas of 2019”. This was in its Developing-World Technology category.
Ripple’s xRapid is a payment settlement technology that was created specifically to boost the effectiveness and reliability of transactions while reducing fees. Even if the xRapid technology can be used in any part of the world, it was created with the underdeveloped world in view. The XRP news about the honor was announced on the official Ripple Twitter account. It was as follows;
“Ripple’s xRapid is honoured in @FastCompany’s 2019 World Changing Ideas Awards for helping improve reliability and lower the cost of remittances in the developing world! bit.ly/2G8ulbY #FCWorldChangingIdeas. The ‘World Changing Ideas awards’ was started in 2017 and has awarded and honorably mentioned quite a few important businesses, institutions, and non-profit organizations over the last few years. These awards and mentions, according to Fast Company, work tirelessly in trying to “help shift society to a more sustainable and more equitable future.”
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The honor was given to xRapid not XRP but the XRP community has been super excited about it. Why is this so? Well, the XRP token is used as liquidity for the xRapid protocol. So, good xRapid news is always good XRP news. The cryptocurrency and blockchain industries are still at their early stages. This is one of the reasons why endorsements, no matter how subtle, have a positive effect on the price of cryptocurrencies. This is the same way negative reviews tend to change the market sentiment as well.
Another efficient technology from Ripple that has even gained more adoption over time is Ripple’s xCurrent. Just like xRapid, xCurrent speeds up transactions by making it easy for banks to communicate with each other. However, xCurrent doesn’t use XRP as liquidity so it has little or nothing to do with the adoption of XRP.
What is Ripple’s xRapid?
xRapid is a huge deal for Ripple, as well as for the future of cross-border transactions. This system uses the XRP token to offer on-demand liquidity which translates into lowered costs and improved transaction times.
The primary goal of xRapid is to improve upon the xCurrent system by making transactions cheaper and faster, having the XRP token as its central pillar for settling money transfers.
In order to streamline the aforementioned process, Ripple intends to use the XRP as a sort of “bridge currency.” To explain precisely how xRapid works, we will use a real-life example. Let’s say that a person from any European country wants to send money to another person in Asia. Through the traditional bank system, the transfer times and costs would be huge.
With xRapid, this transfer is almost instantaneous and with almost zero fees. The first person transfers the money by converting it to XRP, from which it will be automatically converted to the required currency of the Asian country specific to the recipient. Source: Coindoo
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