Ripple worked on a particular cryptographic product for a while. , who claim that they will make the XRP token the right choice for anyone who wants to make a cross-border transaction. The product is intended for financial institutions and an announcement by the company suggests that it is finally approaching production.
The regulatory reporting officer for this platform is Sagar Sarbhai, although his industry is specifically the Asia-Pacific and the Middle East. Sarbhai states that xRapid, Ripple's new product, said the launch should take place in a month.
He said: "I am very confident that in the next month or so, you will see some good news coming up where we launch the product live in production."
xRapid is mu ch different from the current XRP token that consumers know , since it is mainly used for settlement. Therefore, cross-border transfers should take place at an impressive rate. Based on last month's CCN reports, Ripple decided to select three privileged partners that will work within the xRapid ecosystem, which are Bittrex, Bits and Coins.ph. Some experts believe this decision is a forerunner of the incoming commercial launch.
Ripple CEO Brad Garlinghouse said he sees many banks decide to use xRapid after launch by the end of next year. As a result, they will also use XRP. At present, there are 120 banks and other financial institutions worldwide that already use the other Ripple product – xCurrent. This product specifically uses blockchain technology to reduce the amount of time spent on regulation but has absolutely no link with XRP.
The next obstacle to be overcome will be to bring current users to the xRapid product. However, this task may be easier said than done, considering that most financial institutions are aggressively opposed to the use of cryptocurrency in any case of use.
However, Sarbhai has the impression that regulators and policy makers around the world are beginning to see value in the use of digital resources such as cryptocurrency. Previously, the only collective interest seemed to be the global interest in blockchain technology, but Sarbhai notes that the use of cryptography could easily improve the development of the entire industry.
He said: "A couple of years ago the narrative was: good blockchain, bad crypt.What we are seeing now is more and more regulators, politicians who take up all the space in a conjunction.Then, I think the narrative Fortunately it is changing because politicians, regulators are seeing that there is a strong advantage that digital resources, cryptocurrencies bring. "
At the moment, even though Ripple has been present since 2012, their XRP token is largely still owned by them, and as a result has only reached the height of $ 3.84. Since then, based on the information gathered by OnChainFX, the token price since January has decreased by 93%.