Ripple hints its cryptocurrency product will go live 'in the next month or so'
The head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai reported about the launch in the latest interview for CNBC.
Blockchain startup Ripple may soon launch a commercial version of its cryptocurrency product xRapid, which uses tokens XRP, in October. The head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai reported about the launch in the latest interview for CNBC. Sarbhai said that there will be some “good news” related to the launch of the product in the next month.
According to the head, the company has already achieved significant success in xRapid development. This product is designed to help banks make faster transactions by using XRP coins. It implies that XRP should become a bridge between currencies, with use of which banks and exchange providers could increase the speed of cross-border transactions.
Ripple representatives denote that at the moment it is required to have prepaid account in a local currency in any given country. For example, one would need to have a local account if they want to send US dollars to an account in Indian rupees. It slows down the whole transaction, and xRapid is intended to change that by first converting dollars into XRP, then transferring tokens to another country, and converting XRP to rupees at the other end.
Earlier, Ripple made agreements with large financial companies such as Santander, American Express, MoneyGram, Western Union, and UAE Exchange. However, until now, those partnerships were either unrelated to XRP or were negotiated in terms of xRapid tests. None of existing banks has initiated testing of Ripple’s cryptocurrency product, but then, it was reported in August that Bittrex was to integrate xRapid into its system to enable international payments.
As Sarbhai says, 120 banks and financial institutions have partnered with Ripple already and use the company’s another product, xCurrent, for messaging during international transactions.
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