Ripple's XRP-based product could be published next month September 17, 2018 September 17, 2018
Blockchain Ripple could introduce a 'commercial application of its product in cryptocurrency "next month around" a CNBC executive announced.
Sagar Sarbhai, head of Ripple's regulatory relations for Asia Pacific and the Middle East, said the company made significant improvements with its xRapid product, which was designed to accelerate the transactions for banks using Crypto XRP.
In an interview with CNBC Arjun Kharpal said Sarbhai "I am very confident that in the next month or so you will see some good news get to where we launch the product live in production."
Ripple claimed that its xRapid product uses XRP cryptographic currency as a sort of "bridge" between currencies, authorizing pa suppliers and banks to handle faster cross-border transactions.
For example, a bank may perhaps want to process an exchange from the US dollar to Indian rupees. According to Ripple, this procedure requires the execution of pre-funded accounts in local currency.
With xRapid, Ripple states that the method would be accelerated by converting US dollars into XRP tokens, then moving the money abroad and the other end exchanging it in Indian rupees.
The company has entered into contracts with a number of eminent financial institutions, such as Santander, American Express, Money Gram and Western Union, among others. But these associations have not been linked with XRP or are strictly xRapid tests. No bank has started testing the encrypted currency product.
Sarbai has revealed that more than 120 banks and financial institutions are working with Ripple and are using its blockchain-based xCurrent product. Blockchain, or distributed ledger technology, is generally defined as a decentralized ledger for transaction registration, shared in many locations and without any central agency controlling it.
Ripples xcurrent is used by banks to manage global transactions. The San Francisco-based company states that the platform, based on distributed ledger technology, is used by banks to advise each other and authenticate each stage of a real-time cross-border outlay.
Brad Garlinghouse, Chief Executive of Ripple at the start of this year, said that the start will include dozens of banks using xrapid by the end of 2019.
So far, the authorities have adopted a cautious attitude towards cryptocurrencies because they feared they could be used for illicit practices such as money laundering or that investors could be deceived. A further concern is the volatility associated with the criptos, which has risen to record levels in the last quarter of 2017, only to significantly reverse this year
Sarbhai said the regulatory atmosphere for the blockchain and cryptocurrency sector it is progressing and financial watchdogs understand the advantages of crypto.
Brad Garlinghouse said
"A couple of years ago the narrative was: good, cryptic, bad blockchain What we are seeing now is more and more regulators, politicians who take up all the space So, I think the narrative is luckily changing because politicians, regulators are seeing that there is a strong advantage that digital resources, cryptocurrencies bring. "