Ripple Continues to Make Waves with xRapid Going Live

Oct 02, 2018 at 20:53

Ripple, the company behind XRP, the world’s third largest cryptocurrency by market cap, will have its cross-border payments product live for three financial institutions.

The firm noted that its xRapid platform, which utilizes the XRP cryptocurrency to carry out international transactions is now commercially available and will be used as payment providers for financial firms such as Mercury FX, Cuallix and 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 skeptcism 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, Ripple’s senior vice president of product, said in an interview by CNBC.

In the past, Ripple also had talks with money transfer giants Western Union and MoneyGram for possible partnerships.

“Banks worldwide are not first adopters of the xRapid product, but we are seeing a lot of financial institutions in general and payment providers moving forward with that product… We have a lot of business with payment providers, in certain markets I think banks will move faster towards leveraging digital assets, and so it really depends on the regulation and the local market” Birla added.

The official also expressed optimism that banks in emerging markets are potential contenders to use the cryptocurrency product in the future as developing countries also have more positive regulations in the crypto space.

In recent weeks, XRP has been on a positive roll, posting double-digit growth, and have .

As of this writing, XRP is valued at $0.55 a piece with a market cap of $22.2 billion.