Ripple Makes Fast Company’s 2019 World Changing Ideas Award with xRapid Remittance Product
Ripple’s xRapid product received an honourable mention at the Fast Company’s 2019 World Changing Ideas Award.
The decision to honour xRapid is because it lowers the cost of remittances across borders and it improves the reliability of these transactions. There were over 2,000 submissions in 17 different categories.
Ripple’s xRapid Honoured for its Services
Ripple has released he xRapid product a few months ago and it is already showing that it can help improve different aspects of the market. xRapid was featured among the Developing-World Technology and it received an honorary mention.
The xRapid product was created for payment provides to reduce their liquidity costs and improve their customer experience as well. In general, payments into emerging markets require pre-funded and local currency accounts, which increases the costs of sending transactions.
Meanwhile, using xRapid and the XRP digital asset it is possible to connect different countries in a fast and easy way. Ripple explains about it:
“xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment provides a highly efficient, scalable, reliable liquidity option to service cross-border payments.”
There are currently 12 different money transfer services and financial institutions that are using Ripple’s xRapid product.
According to Brad Garlinghouse, the CEO of Ripple Labs, banks will start using the xRapid solution. At the same time, Mercury-fx announced that using this technology it was possible to save customers thousands of dollar.
Currently, each XRP coin can be purchased for $0.355 and it has a market capitalization of $14.88 billion.