Blockchain startup Ripple set to launch new crypto-based product xRapid

Blockchain startup Ripple set to launch new crypto-based product xRapid

He has shed adequate light on the role of Ripple's XRP to "bridge" the gap between two or more currencies, thereby, speeding up transactions conducted by the banking institutions and the payment providers. According to proponents, implementation of xRapid shall no doubt draw extra demand for XRP, the liquidity tool.

"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production", Sarbhai said.

SBI Ripple Asia, a joint venture of SBI Holdings and the San Francisco-based Ripple, Inc.is preparing to launch the "MoneyTap" mobile application on Android and iOS. As of now, 120 plus financial institutions and banks are developing the company's xCurrent that considerably reduces settlement time. With XRapid, the company provides a real-time settlement platform to make worldwide payments a seamless experience, in addition to lessening the burden of liquidity need to cover fast payments. The use of the xRapid app lowers the capital requirements for liquidity dramatically. For this reason, the company has gearing up building an ecosystem around the use of xRapid and XRP.

The new platform is powered by Ripple's xCurrent, a solution that allows banks to instantly settle cross-border payments.

Sarbhai noted that the regulators had become more open to the cryptocurrency space as they start seeing the benefits. For example, a bank may execute a transaction from the USA dollars to Indian rupees.

For example, a bank might want to process a transaction from US dollars to Indian rupees.

With xRapid, if a bank wants to process a transaction from United States dollars to Indian rupees, the process would be greatly sped up as the dollars will be converted to XRP tokens and the money will then be moved overseas after it is converted back to rupees. Bitcoin has managed to find some stability trading around $6500, but the remainder of the market with Ethereum and XRP being two prominent coins in terms of market capitalization, have not faired almost as well.

Last week, Ripple announced that Saudi Arabia's National Commercial Bank had joined RippleNet, the decentralized network for financial institutions. The feeling at Ripple is that dozens of these banks will have switched to xRapid by the end of 2019.

Since the September 1st, XRP has declined by more than 18 percent - a figure better than ether's (ETH) 25 percent drop, but worse than bitcoin's (BTC) almost 10 percent fall during the same period.

But while a clearly-defined, blockchain-based product such as Ripple has gained instant acceptance, such credibility has taken far longer for straight-up cryptos like Bitcoin, Ethereum and Litecoin.

He stated that the narrative of crypto a few years ago was good in terms of the blockchain, but bad regarding crypto.

"So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in".

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