Ripple’s “xRapid” to Go Live Next Month

ripple_xrapid_release
Ripple’s “xRapid” is soon to be released, according to CNBC.

Ripple is set to launch a commercial product release ‘within the next month or so’ according to an executive within the company as reported by CNBC.

The news was brought to the public by Sagar Sarbhai who is the head of regulatory relations for Asia-Pacific and the Middle East at Ripple. In an interview with CNBC’s Arjun Kharpal, he made clear that the expected product is set to be released next month.

What’s this exciting, new commercial product? It’s Ripple’s xRapid which will use the XRP cryptocurrency as a ‘bridge’ between different fiat currencies. Effectively, it will allow for essentially instant conversions between different fiat currencies for faster cross-border payments. Let’s say, for instance, a bank wants to convert dollars to rubles.  Generally, this process would require a pre-funded local currency in set accounts in order for the trade to take place. With xRapid, this whole process would be accelerated since fiat would be converted to XRP, moved to the destination country, and then converted to that currency.

Frankly, Ripple is expecting this release to be a big deal. According to Sarbhai, more than 120 banks and financial institutions have partnered with the crypto giant. These deals include high-profile financial institutions such as Santander, American Express, MoneyGram, and Western Union. However, not a single bank has tested the new cryptocurrency thus far in any commercial sense. xRapid hopes to change that and seeks to be the first mass-used commercial platform for major financial institutions. If successful, the ramifications could be groundbreaking.

Just earlier this year, the Chief Executive of Ripple, Brad Garlinghouse, said that he expects that “dozens” of financials institutions and banks would be using xRapid by the end of 2019. That’s a bold claim. However, Sarbhai also shares this same optimism, remarking that the crypto regulatory environment has steadily improved since last year. He told CNBC, “A couple of years ago the narrative was: blockchain good, crypto bad… What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction,” he said.

Therefore, the regulatory environment seems poised right now for a crypto-friendly environment and that might come sooner than one would expect. In a space that’s moving so quickly, and a bearish 2018 market year, one major catalyst could easily send the entire space to new heights. However, the regulatory environment for crypto is still uncharted territory so we cannot expect anything concrete just yet.

However, xRapid demonstrates that blockchain can easily solve a fundamental problem within the financial world: the difficulty of cross-border payments. This just might be crypto’s wedge for integrating itself into the greater financial world.

33 comments

  1. Hi, I do think your site may be having browser compatibility issues.
    When I take a look at your website in Safari, it looks fine however
    when opening in I.E., it’s got some overlapping issues.
    I merely wanted to provide you with a quick heads up!
    Apart from that, excellent blog!

  2. Greetings from Ohio! I’m bored at work so I decided to browse your site on my iphone during lunch break.
    I enjoy the info you present here and can’t wait to take a look when I get home.
    I’m amazed at how fast your blog loaded on my phone ..

    I’m not even using WIFI, just 3G .. Anyways, superb site!

  3. Wow, fantastic weblog layout! How lengthy have you ever been running a
    blog for? you made blogging look easy. The entire glance of your web site is excellent,
    as smartly as the content material![X-N-E-W-L-I-N-S-P-I-N-X]I simply couldn’t
    depart your website before suggesting that I really enjoyed the
    standard info an individual supply to your guests? Is going
    to be back often in order to inspect new posts.

    My blog … Ketorol Review

  4. Terrific post however I was wondering if you could write a litte more on this topic?
    I’d be very thankful if you could elaborate a little bit more.
    Cheers!

  5. Right here is the perfect blog for anyone who hopes to understand this topic.
    You understand so much its almost hard to argue with you (not that I personally would want to…HaHa).
    You definitely put a new spin on a topic that has been written about for years.
    Wonderful stuff, just wonderful!

  6. Hiya, I am really glad I have found this info. Nowadays bloggers
    publish just about gossips and web and this is actually frustrating.
    A good website with interesting content, this is what I need.

    Thanks for keeping this web site, I’ll be visiting it. Do you do newsletters?

    Can’t find it.

    my blog post Optimum Keto Pills

  7. constantly i used to read smaller articles that also clear their motive, and that
    is also happening with this article which I am reading now.

  8. I simply couldn’t go away your website before suggesting that I actually enjoyed
    the usual information an individual provide on your visitors?

    Is going to be back incessantly in order to inspect new
    posts

  9. I’ve read several excellent stuff here. Definitely worth bookmarking for revisiting.
    I wonder how so much effort you set to make
    one of these great informative site.

  10. Superb post however , I was wanting to know if you could write a litte more on this topic?
    I’d be very thankful if you could elaborate a little bit more.
    Many thanks!

Leave a Reply

Your email address will not be published. Required fields are marked *