Ripple prepares to launch commercial XRP product in October
Ripple’s cryptocurrency product, which will allow XRP to be used in cross-border payments between financial institutions, is close to being released into production.
The firm expects to launch a product called xRapid as early as next month, according to Sagar Sarbhai, who is in charge of Ripple’s relations with regulators in the Asia-Pacific region and the Middle East..
“I am extremely confident that in the next month or so, you will hear good news that we have launched a product into production,” Sarbhai told CNBC..
Unlike the firm’s other blockchain solutions, xRapid uses XRP cryptocurrency on the public ledger to make settlements, which Ripple says increases the speed of cross-border currency transactions..
In August, Ripple selected three cryptocurrency exchanges – Bittrex, Bits, and Coins.ph – as partners for the xRapid ecosystem, taking it one step closer to launching its new instrument..
Ripple CEO Brad Garlinghouse predicted earlier this year that “dozens” of banks will use xRapid and thus XRP by the end of the year.
Sarbhai said that more than 120 banks and financial institutions around the world are currently using the xCurrent product, which uses blockchain to reduce settlement times, but XRP cryptocurrency is not involved. Now Ripple has to convince its existing and new customers of the benefits of xRapid, while some of them may be negatively disposed towards cryptocurrencies..
Sarbhai also noted that regulators and other lawmakers are beginning to recognize the value of cryptocurrencies, and not just blockchain technology, which, he said, will further improve the industry..
“A couple of years ago, they said: blockchain is good, cryptocurrencies are bad,” he said. “Now more and more regulators and legislators are considering the whole space as a whole. I think that sentiment is fortunately changing because legislators and regulators have seen the strong benefits that digital assets, cryptocurrencies, bring. “.
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