This Novel Cryptocurrency Product Will Be Live Soon, Ripple Hints Blog, Ripple is expected to launch a commercial application of its crypto product in the coming months, according to a CNBC company manager.
Sagar Sarbhai, Ripple’s head of regulatory affairs for Asia-Pacific and the Middle East,
Said on Monday that the xRapid product will enable banks to accelerate transactions using XRP.
“I’m confident you’ll see some good news about launching the product live next month,” Sarbhai about xRapid in an interview with CNBC.
Ripple says the xRapid product deploys XRP as a sort of bridge between currencies,
permitting payment providers and banks to route international transactions faster.
For instance, a bank wants to perform a transaction of US dollars and Indian Rupees.
As per Ripple, this procedure needs pre-funded local currency accounts to proceed further.
With xRapid, Ripple states that this process would be the conversion of US dollars into XRP tokens,
transferring the money to foreign countries, and converting it back to the Indian rupees of the other.
The company has agreements with several major financial institutions, including American Express and Santander.
But so far, these partnerships have emphasized another product called xCurrent.
Ripple so far has not announced any testing or use of xRapid by multiple banks and has previously stated that banks won’t be the first to test this crypto product. Companies that tested the product include some majors such as MoneyGram and Western Union, as well as the payment companies MercuryFX, Cuallix, and Viamericas.
Sarbhai said that more than 120 banks and financial institutions are currently working with Ripple, using its xCurrent blockchain product.
The company claims that the distributed ledger-based platform by banks sends messages to each other, confirming each step of a cross-border payment in real-time.
Ripple’s xCurrent by banks to reconcile international transactions.
The company behind the XRP cryptocurrency has hinted at the imminent launch of a new cryptocurrency product.
The company has not disclosed the product’s specifics, but it is anticipated to be based on the XRP Ledger.
In recent years, Ripple has developed a number of novel products, including RippleNet, a cross-border payment solution, and Flare, a decentralized exchange. The possible connection between the new cryptocurrency product and one of these initiatives.
Ripple’s introduction of a new cryptocurrency product could have a substantial effect on the cryptocurrency market.
The novel product may also be met with skepticism.
Some individuals about the potential for cryptocurrencies for illicit activities, so they may be wary of Ripple’s new offerings.
Time will tell what Ripple’s new cryptocurrency product will be and how the market will respond to it.
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Here are some of the potential characteristics of Ripple’s new cryptocurrency product:
It could be a more efficient and secure method of international money transmission.
However, It also facilitates applications for decentralized finance (DeFi).
There is also the possibility that the new product could be for more innovative purposes.
such as the creation of a new type of digital identity or the facilitation of new forms of crowdfunding.
Time will reveal what the new product
It could establish a financial system that is more transparent and auditable.