Ripple's product, which will use the XRP cryptocurrency to enable cross-border payments between financial institutions, is finally ready to launch. Sagar Sarbhai, responsible for regulatory negotiations in the Asia-Pacific region and the Middle East, said that the company will commercially launch xRapid in a month.
Unlike other Ripple blockchain products, xRapid uses the XRP cryptocurrency for payments, which, according to the company, will speed up cross-border currency transfers. In August, the company selected exchanges Bittrex, Bits and Coins.ph as partners for the xRapid ecosystem.
Ripple CEO Brad Garlinghouse promised earlier this year that dozens of banks would be using xRapid and XRP by the end of 2019.
Currently, more than 120 banks and financial institutions around the world use the xCurrent blockchain product, but not the XRP coin itself. Now the company will have to convince all these firms to switch to xRapid, despite the fact that many remain wary or even hostile towards cryptocurrency.
In another interview, Sarbhai said that more regulators are beginning to recognize not only the benefits of blockchain technology, but also the benefits of cryptocurrency itself, which could speed up its public adoption.
According to ccn.com
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