Ripple says that a successful XRP pilot with a dozen banks across the world has led to the creation of its XRP xRapid payment solution.
Sagar Sarbhai, head of Ripple's regulatory relations for the Asia-Pacific and the Middle East, recently joined a group at the FinTech Abu Dhabi conference in 2018. There, he revealed the origins of xRapid. Ripple gave XRP to 12 banks for internal testing in 2016.
"These 12 banks were based on regions around the world and did not have pre-founded relationships with one another. is that we gave these 12 banks some XRPs and we asked them to settle on their own, and it worked beautifully, but then they came back and said, "You know what, this works beautifully and we would like to adopt it but we can not."
precisely for the exact reason you mentioned, on capital requirements, regulatory uncertainty, etc. So they said A: it's volatile B: There are no series of regulations, so we can not keep those assets in our So we went back to the drawing board and we said, how can we change this? That's why we created this product called xRapid. "
The adoption of xRapid , which uses XRP to increase the speed el Liquidity of cross-border transactions is a topic of intense interest for the Ripple community.
Ripple CEO, Brad Garlinghouse, said he expects banks to implement xRapid by the end of this year and hopes that by the end of the year they will reach tens
"I think while we do things that improve the utility of XRP, we will continue to see that the ecosystem grows and is healthier and healthier.I have publicly stated by the end of this year that I have full confidence that large banks will use xRapid as a tool of liquidity by the end of this year By the end of next year, I certainly hope that we will see an order of magnitude – dozens ".
The XRP is now at $ 0.37, up more than 14% in the last 24 hours, according to CoinMarketCap.
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