Ripple News today learned that Asheesh Bills, a senior VP of Ripple gave a talk on Monday, August 5th about xRapid, one of the company’s powered product. He explained that xRapid is a platform that enables money to be transferred from one currency and immediately settled in another currency without relying on pre-funding as was the general case. The VP explained that this process was done by the use of XRP, xRapid’s digital asset to act as the medium between the sending currency and the receiving one.
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When asked if xRapid was an ILP or InterLedger Protocol connector, the CTO of Ripple compared ILP to the internet protocol and gave the ILP the same importance as the IP. He went on to explain that as the IP had become the universal format accepted for sharing data over numerous networks and on different applications, the ILP, which is also an open suite that makes sending payments and transactions across multiple and different ledgers possible, would become universally popular.
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David Schwartz, the CTO of Ripple, further stated that ILP was a crucial and important component of Ripple. Ripple banking clients all emphasized how important it was to them to keep their transactions secure and private, needed a solution that could handle thousands of transactions per second and at the same time be able to accept any currency and asset. With these requirements in mind, Ripple integrated the ILP into their xCurrent platform.
Ripple’s innovative approach not only takes the best of blockchain but it also corrects the key limitations of blockchain. This thinking separates Ripple from other blockchain companies and bodies still in the experimenting phase of operation. David Schwartz believes that ILP adaptation by banks is the first step in improving global payments by banks.
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Ripple News today also learned through reports by CryptoGlobe that a partnership had been formed between Ripple and MoneyGram at the beginning of the month. The CEO of MoneyGram had positive things to say about Ripple and the xRapid platform. The CEO of MoneyGram Alex Holmes stated that the partnership with Ripple was one of the three important steps that the company had taken that helped it improve its credit standing and capital structure over the long term. Alex Holmes was glad about the result of their transactions done over the xRapid platform and believed that the partnership would be a tremendous benefit for everyone.
Holmes further believed that the partnership with Ripple would help MoneyGram’s settlement platform and that MoneyGram was always open to exploring new and exciting uses for cryptocurrency. Though Ripple xRapid is a young innovation, it has already made a tremendous impact in the financial sector. It has been able to get about 20 financial institutions using the xRapid platform for their transactions. This is great news for the third major player in the cryptocurrency industry. With its innovative solutions and successful partnerships, Ripple company may become the next top player in the cryptocurrency market.
Is xRapid the future of global cross-border remittances? Share your thoughts in the comment section below.