Ripple‘s (XRP), xRapid goes live allowing for international transactions. The announcement was made today during Ripple’s “Swell 2018 Conference” in San Francisco. Ripple’s CEO, Brad Garlinghouse, officially announced that xRapid is now available for commercial use. xRapid will utilize XRP cryptocurrency to allow financial institutions to carry out transactions on an international level instantaneously. The software is available commercially, and financial giants are wasting no time getting on board. Three significant payment providers are using xRapid. The payment providers include Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union. Though banks have not yet adopted Ripple’s new product, the Ripple team feels confident that this will soon change.
Ripple xRapid Goes Live Allowing XRP International Transactions
xRapid is designed to speed up cross-border transactions. It uses XRP as a sort of “bridge” from currency to currency. For example, when transferring money from the US to Canada, one would need to move funds between pre-funded local currency accounts on either end of the transaction. xRapid converts one currency into XRP and transfers the funds cross-border. The funds convert into the new local currency. This entire process can take place almost immediately.
What To Expect From xRapid
Among the early adopters, each has a different plan for the utilization of xRapid.
- Caullix place to focus on transactions between the US and Mexico.
- MercuryFX will be deploying xRapid for payments between Europe and Mexico.
- Catalyst Corporate Federal Credit Union will be using xRapid on behalf of their clients to implement a new cross-border payment service.
What Does this Mean for Ripple and XRP?
It is important to remember that Ripple and XRP are distinct from one another. Furthermore, Ripple is a private company, and XRP is a digital currency which is native to the XRP Ledger blockchain. Ripple owns 60% of the 100 billion XRP tokens in existence. With this said, there is a direct correlation the success of XRP and Ripple. Recently, Electroneum (ETN) saw a 196% increase in price following the beta launch of their new mobile payment app. We are curious if Ripple price will see the same fate. Additionally, can we expect to see banks and other financial institutions adopt xRapid as Ripple predicts?