Ripple Informs Banks Using xCurrent to Seek xRapid Upgrade Implementation

    Ripple continues to achieve new goals. The company has shared with the community that there are some banks and financial institutions interested in upgrading to the XRP-Powered xRapid product from xCurrent.

    The information was released by Ripple’s senior vice president of product management Asheesh Birla and reported by the financial outlet The Banker. He said that there are banks that are seriously considering upgrading from xCurrent to xRapid.

    The report reads as follows:

    “xRapid is seeing greater traction among payment providers, including Currencies Direct, Mercury FX and Viamericas, whereas the banks are not quite ready to take the plunge into the nascent cryptocurrency space. However, Mr Birla reports that some banks using xCurrent are now looking to use xRapid for the second phase of their projects.”

    Ripple’s products have been attracting different companies and firms. Indeed, the popular RippleNet network is currently being used by hundreds of enterprises and financial institutions.

    The xRapid product uses the virtual currency XRP in order to help companies process fast and cheap cross-border payments. Moreover, clients will also be able to gain liquidity to transact between not usual remittance corridors.

    Banks can, for example, send money to Mexico without having to use another currency to make the transaction. The financial institution uses XRP as the intermediate and the other bank or institution in Mexico receives Mexican peso. Additionally, the participants do not hold XRP at any moment.

    This process is performed very quickly because it uses XRP rather than the current systems that can take up to days to transact just some funds. Moreover, the costs of the transaction are also reduced. It is not necessary anymore for an institution to pay for commissions to exchange a currency for the other or contact other banks or financial companies to process the payment.

    At the moment of writing, XRP is the third most valuable virtual currency. it has a market capitalization of $18.2 billion dollars and each coin can be bought for $0.45 dollars.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.