In a tweet that has become viral, Sagar Sarbhai, who is responsible for governmental and regulatory relations for Ripple in APAC and the Middle East, explains that banks they were actually fans of Ripple for a while.
Often, many investors and traders worry about certain aspects of a project, for example if the population is large enough or if mass adoption is likely. Mr. Sarbhai reveals instead that in 2016 Ripple had the foresight to give twelve separate banks some XRPs.
They also made sure that the banks were in all the different parts of the world and that there was no pre-existing relationship between any of them, trying to make sure that this experiment was as impartial as possible.
Ripple discovered that there were so many rules about the fact that they had to record the resources meticulously, and there was no way he could actually take into account these new digital resources – that the banks, although they loved how efficient and convenient technology, recognized that the regulation did not allow them to legally use the Ripple
in 2016, we have given 12 #XRP to test internally and they loved it !!! They wanted to use XRP, but they could not because they lacked regulatory certainty.
– Steven Diep (@DiepSanh) 18 September 2018  Ripple had to go back to the drawing board and figure out exactly how to combat this problem. They came with XRapid as a way to deal with regulation and instead ended up in partnership with payment providers. The whole point of XRapid is to finally have the result of the Ripple project in the form of a real cryptographic utility and to provide liquidity to the markets.
XRapid is already working with all sorts of money transfer companies, such as MoneyGram, Western Union and others. Given that the remittance industry, where foreign workers send money back to their families, is ITSELF a sector worth hundreds of billions of dollars, and is an integral part of several countries – this could be huge for Ripple, which previously exceeded $ 3 in speculation and without actual utility.
The moment is strong with Ripple, which is probably why Sagar Sarbhai tweeted his 2016 conversation to provide a context to the positive way the market is responding to Xrapid, probably as a way to show investors and to traders that this has not been from one day to another and that the team has focused on a relationship since the beginning of the project.
Brad Garlinghouse, CEO of Ripple, has In June, moreover, the major banks would have used XRapid as the end of 2018 and firmly believes that dozens of banks would adopt XRapid in 2019.
He also stressed that he believes this would be really successful n until Ripple remains a real solution to real problems. Since it transfers money more efficiently than traditional banks and that could save the banks large sums of money by acting as a "bridge" between the currencies – which certainly seems to be the case.
Ultimately, it's all fantastic news for those who are keeping Ripple in the long run, and time will tell if "dozens" of banks will eventually use and adopt XRapid. Sarbhai said in his most recent CNBC interview that the official commercial launch of XRapid could happen "in the next month or so"
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