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The Ripple team have gone live with their product, xRapid. It was announced by Ripple’s CEO Brad Garlinghouse at the Ripple Swell 2018 conference in San Francisco. Garlinghouse also emphasized that three financial firms are in-line to utilize the crypto product, Mercury FX, Cuallix, and cooperative financial firm Catalyst Corporate Federal Credit Union.
“I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case…
…here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.” – Asheesh Birla, Senior VP of Product, Ripple
The goal of xRapid is to allow financial institutions to easily send cross-border transactions instantly and with extremely low fees when in comparison to more traditional ways of transaction formats. The integration is the first time XRP has fully gone after the global market for widespread commercial use by financial institutions which aims to push global adoption. Garlinghouse also mentioned that he expects ‘dozens’ of banks to integrate XRP before the end of 2019, which will aid them to process international transactions more efficiently.
Contrary to popular belief though, Ripple claims there’s a distinction between it, a private company, and XRP, which is the native digital currency of an open-source network known as the XRP Ledger. Of the 100 billion XRP coins in existence, Ripple owns 60% of them. But the company has kept 55 billion of the tokens locked up in escrow, to create, in their own words, “certainty of XRP supply at any given time.” What that means is that it only has access to 13% of the digital currency.
Regardless, this is indeed exciting news for future developments for not only XRP but other digital assets alike as the push for mainstream adoption remains continuous. Tell us what you think by sharing this article on Twitter.
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