Ripple has been working on one particular crypto product for quite a while, which they claim will make their XRP token the go-to choice for anyone that wants to make a cross-border transaction. The product is meant for financial institutions, and an announcement from the company suggests that it is finally nearing production.
The person in charge of the regulatory relations for this platform is Sagar Sarbhai, though his sector is specifically the Asia-Pacific and Middle East. Sarbhai says that xRapid, the new Ripple product, said that the launch should be happening within a month.
He said, “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.”
xRapid is much different than the current XRP token that consumers are familiar with, since it is primarily used for settlement. As such, the cross-border transfers should occur at an impressive speed. Based on reports from CCN last month, Ripple has decided on three preferred partners that will function within the xRapid ecosystem, which are Bittrex, Bits, and Coins.ph. Some experts believe that this decision is precursory of the commercial launch coming up.
Ripple’s CEO, Brad Garlinghouse, said that he sees many banks deciding to use xRapid after the launch by the end of next year. As a result, they will also be using XRP. Right now, there are 120 banks and other financial institutions globally that already use Ripple’s other product – xCurrent. This product specifically uses blockchain technology to reduce the amount of time spent on settlement but has absolutely no attachment to XRP.
The next hurdle to overcome will be to get the current users to move to the xRapid product. However, this task may be easier said than done, considering that the majority of financial institutions are aggressively against the use of cryptocurrency in any use case.
However, Sarbhai is under the impression that regulators and policymakers around the world are starting to see value in the use of digital assets like cryptocurrency. Formerly, the only collective interest seemed to be the global interest in blockchain technology, but Sarbhai notes that the use of crypto could easily improve the development of the entire industry.
He said, “A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. 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.”
Right now, even though Ripple has been around since 2012, their XRP token is largely still owned by them, and has only reached a height of $3.84 as a result. Since then, based on information collected from OnChainFX, the token’s price since January has experienced a 93% decrease in value.