Ripple may be releasing its long-awaited xRapid product as soon as the next month. This is according to Sagar Sarbahi, Head of Government and Regulatory Relations, APAC & Middle East at Ripple. During an interview, he said that he is very confident about the work that they are doing at Ripple.
Ripple Could Soon Release its xRapid Product
In the last months, Ripple has been trying to avoid XRP being considered a security by the U.S. Securities and Exchange Commission (SEC). However, during this time, the company has also been working in order to develop its products.
One of these products is the aforementioned xRapid. It was created with the intention to enable the settlement of value using the XRP currency. There are several financial institutions that have tested the product and confirmed the positive results.
About the xRapid product and its release date, Mr. Sarbahi commented:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product [xRapid] live in production.”
There are over 19 different institutions working with xRapid and testing it for cross-border payments. Some of these financial institutions include Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas, and Cambridge Global Payments.
Ripple’s CTO explained that those banks that did not embrace the solution would start to do it very soon. They would see that other companies would perform better by improving their services.
Currencies Direct’s CPO, Brian Harris, said that the company was proud to be an early adopter of the xRapid product. Moreover, he explained that the trial was a resounding success.
“It’s encouraging to see positive xRapid results because they validate that many in our industry already know: certain digital assets have utility,” committed Asheesh Birla, SVP of Product of Ripple.
Customers that used xRapid have seen a huge improvement in their cross-border payments. Financial companies were able to reduce between 40% to 70% of trading fees. At the same time, transactions settled in just a few seconds compared to hours or days with other systems.
Corey Johnson, Market Strategist at Ripple explained that the volatility for this product is minimum due to the fact that transactions take less than a minute to be processed.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.