Ripple & # 39; s (XRP), xRapid goes live allowing international transactions. The announcement was made today during Ripple's "Swell 2018 Conference" in San Francisco. Ripple's CEO, Brad Garlinghouse, has officially announced that xRapid is now available for commercial use. xRapid will use the XRP cryptocurrency to allow financial institutions to make international transactions instantly. Software is commercially available and financial giants do not waste time getting on board. Three major payment providers use xRapid. Payment service providers include Mercury FX, Cuallix and Catalyst Corporate Credit Union. Although the banks have not yet adopted Ripple's new product, the Ripple team feels confident that this will change soon.
Ripple xRapid goes live allowing XRP international transactions
xRapid is designed to accelerate cross-border transactions. Use XRP as a sort of "bridge" from currency to currency. For example, when transferring money from the United States to Canada, it is necessary to move funds between pre-funded local currency accounts on both ends of the transaction. xRapid converts a currency into XRP and transfers funds across the border. The funds are converted into the new local currency. The whole process can take place almost immediately.
What to expect from xRapid
Among the first users, everyone has a different plan for using xRapid.
- Caullix placed to focus on transactions between the United States and Mexico.
- MercuryFX will distribute xRapid for payments between Europe and Mexico.
- Catalyst Corporate Credit Union Union will use xRapid on behalf of its 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 each other. In addition, Ripple is a private company and XRP is a digital currency native to the XRP Ledger blockchain. Ripple owns 60% of the 100 billion existing XRP tokens. That said, there is a direct correlation between the success of XRP and Ripple. Recently, Electroneum (ETN) saw a 196% price increase following the beta launch of its new mobile payment app. We are curious to know if the price of Ripple will see the same fate. Also, can we expect to see banks and other financial institutions adopt xRapid as Ripple expects?