Ripple may launch its xRapid platform within the next month and it's a big deal
Sep 18, 2018
- Ripple is a real-time gross settlement system, currency exchange, and remittance network that uses a consensus protocol to validate transactions on a common ledger.
- Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, hinted in an interview with CNBC that Ripple’s xRapid product may be coming within the next month.
- xRapid is a real-time settlement platform specifically designed to facilitate high-speed international transactions.
- Ripple conducted a beta-test of their xRapid platform last spring, where participants tested payments between the United States and Mexico and reported transaction cost savings between 40% and 70% with transaction times of just over 2 minutes, compared to a typical average of 2-3 days.
- In August, Ripple announced that US crypto exchange, Bittrex, Mexican crypto exchange, Bitso, and Philippine crypto exchange, Coins.Ph, have joined its xRapid platform. Once launched, this partnership will enable xRapid users to move between XRP, US Dollars, Mexican Pesos, and Philippine Pesos with ultra-low fees and transaction times.
- xRapid would significantly reduce capital requirements for international liquidity, enabling retail investors to invest internationally with low-fees the same way institutions do.
- Ripple’s token, XRP, is up 16.50% in the last 24-hours of trading.