XRapid Enables International Transactions in MinutesOctober 2, 2018
The regulatory standards for cryptocurrency are not certain, XRapid is advancing to the prime level. XRapid enables international transactions in “a matter of minutes.”
XRapid will provide a very fundamental way for financial institutions and banks to use the blockchain technology. XRapid enables financial institutions to make quicker and affordable international payments on the Ripple protocol. Payment providers, money transfer companies, and credit unions are the current list of companies.
XRapid is going live with 3 financial institutions. Ripple’s cryptocurrency, XRP is being used to make cross-border payments.
Three major financial firms are the current customers for the XRP-based product. MercuryFX based in the UK is a payment provider. Cuallix offers money transferring services, and they have their operations around US, Mexico, and Hong Kong. Catalyst Corporate Federal Credit Union serves more than 1,400 credit unions from across the US vide their financial firm.
Asheesh Birla, Ripple’s senior vice president of the product, replied, “I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case.”
Ripple owns nearly 60% of the total of XRP tokens in existence. To ensure the availability of XRP at all times, 55 billion of the tokens are locked up in the Escrow account. Ripple, accesses only 13% of the digital currency.
The Ethereum according to the U.S. Securities and Exchange Commission does not qualify as security. How the U.S. Securities and Exchange Commission might classify, the XRP continues to be an open question.
Brad Garlinghouse, stated, “We are a payments company.” He has to say that the concept is fairly simple and it is not about a business trying to latch up to technical buzzwords in the industry.
In his remark about Ripple, Garlinghouse added. “It’s a big deal for Ripple, it’s a big deal for the XRP community, and it’s a big deal for crypto.”
Alistair Constance, the CEO of MercuryFX stated that they had run two trials of the product before being persuaded to join the early set of customers for XRapid. The pilot project consisted in sending several thousand dollars to a charity in Mexico.