With the Bitcoin and Ethereum have started being adopted worldwide, the other crypto major, Ripple has also accelerated its pace amongst the community and corporates globally due to the variety of mechanisms in place. Blockchain startup Ripple is expected to introduce a commercial application based on the cryptocurrency in the days to come as per the valid source of CNBC.
The head of regulatory relations for the Asia Pacific and the Middle East at Ripple, Sagar Sarbhai says that he is quite confident about the launch of its crypto-based product xRapid and it will be utilized as commercial application very soon. Besides this, the company is believed to have struck deals with numerous high profile financial institutions but the testing of xRapid has not been done by any bank so far.
As per the company’s source, almost 120 banks are expected to have partnered with Ripple while using its blockchain based product xCurrent, a distributed ledger technology which is designed such that decentralized database for recording transactions, like a ledger book and will be shared across multiple locations and with no central authority overlooking it.
Amid this, Sarbhai said in an interview with CNBC that “the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP.” With this, 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.”
Additionally, Ripple commented that its xRapid product uses the XRP cryptocurrency as a kind of “bridge” between currencies, allowing payment providers and banks to process faster cross-border transactions. For example, a bank may execute a transaction from the U.S. dollars to Indian rupees. This process needs pre-funded local currency accounts in order to take place. However, with the xRapid in place, Ripple profusely said in its statement that the process would be speeded up by converting the U.S. dollars into XRP tokens, and thereafter the money overseas will be converting back into Indian rupee at the other end.
On the strategic deals front, the company has executed various deals with numerous financial institutions like American Express, Santander, Western Union, Money Gram, etc. However, the strategic partnerships are not believed to be related to XRP or may only run xRapid. Not even a single bank has started utilizing cryptocurrency product so far.
Further speaking to the subject matter, Sarbhai said in his statement that “the regulatory environment for blockchain and cryptocurrency technology was improving, with financial watchdogs starting to see the benefits of crypto.”
Let us not forget that Ripple was founded in 2012 that owns about 60 billion of the 100 billion XRP tokens in circulation!!