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.”
Mr Birla reports that some banks using xCurrent are now looking to use xRapid for the second phase of their projects.https://t.co/rinVaPtHp4
— Steve Clapham (@SteveClapham5) October 20, 2018
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.