The Ripple xRapid real-time settlement platform is now available on the market, according to an announcement published on October 1st.
xRapid is a platform designed to accelerate international payments, while eliminating the need for a pre-funded account. The product presumably comes from the liquidity of the XRP digital currency on global trade, making cross-border transactions faster and cheaper than traditional methods.
The pilot phase of xRapid was launched in May, with the participation of financial institutions and payment service providers, such as MercuryFX and Cuallix. The participants in the pilot project reported a 40-70 percent transaction saving, as well as an improvement in transaction speed – from 2-3 days to "just over two minutes".
Currently, Cuallix manages the main remittance corridor from the United States to Mexico, while MercuryFX will distribute xRapid in the corridor between Europe and Mexico. According to the statement, the Catalyst Corporate Federal Credit Union, which serves members and clients in the United States, will use xRapid to develop a new cross-border payment service.
In August, Ripple collaborated with three cryptocurrency bursaries: Bittrex, Mexican Bitso and Philippine Coins.Ph based in the United States, in the ambit of its initiative to build a "healthy" ecosystem of exchange of digital resources. The parties will use xRapid to move between XRP and US dollars, Mexican pesos and Philippine pesos respectively.
The price of the Ripple XRP token increased significantly over the last month, exceeding the market capitalization of Ethereum (ETH) and becoming the second largest crypt on 21 September and 26 September.
The rising price followed the announcement that Ripple's xCurrent product will be used by the US PNC bank's Treasury Management unit to accelerate cross-border transactions, as well as the Ripple clue on the upcoming launch. of xRapid.
At the time of printing, XRP is the third largest cryptocurrency, trading at around $ 0.57 with a market capitalization of around $ 22.75 billion, according to Cointelegraph's XRP price index.