The Cryptocurrency product from Ripple that has been anticipated for some time now has been said to be close to launch through a real potential of being commercially applied. The Crypto product will be seeking to propel XRP into being the token of choice among financial institutions looking to make transactional settlement across borders.
Crypto Exchanges Partnering With Ripple In xRapid
CNBC has reported that Sagar Sarbhai, who is the firm’s head of regulatory relations for the regions Asia-Pacific and the Middle East, has announced that the firm is preparing to launch the product in a month’s time. The product has been named the xRapid.
Sarbhai was quoted as saying that he is confident that the general population will be getting positive news from the firm with respect to the launching of the product in production live. In contrast to the other Blockchain products which have been launched by the firm, the xRapid will be settling transactions using the XRP digital token, which the firm has confirmed will significantly improve the efficiency of currency transfers across borders.
In previous reports, it was stated that Ripple will be using three specific crypto exchanges to be the main xRapid platform partners prior to the news about the impending launch. The selected Crypto exchanges include the Bittrex, Coins.ph and Bits.
Challenge Facing Ripple’s xRapid
The firm’s chief executive officer Brad Garlinghouse, had earlier this year said that they are expecting more financial institutions to embrace xRapid and utilize it, and XRP consequently before the end of the coming year.
The head of the regulatory relations said that currently there are over a hundred and twenty banks as well as financial institutions around the globe who are utilizing the xCurrent platform which does not function with XRP. The xCurrent product facilitates a reduced transaction time through the use of Blockchain technology.
According to the firm, the current challenge that it faces is convincing the banks and financial institutions subscribed to xCurrent to move up to xRapid, especially considering that most financial institutions view the crypto space with caution and sometimes open hostility.
Crypto Space More Accepted
Sarbhai in his statements noted that around the world more regulators and policymakers are recognizing the importance of not only Blockchain technology but Cryptocurrencies as well which as a result has the potential of improving the development in this sector.
He said that in the past many people were viewing Cryptocurrencies as being bad and the technology behind it as being revolutionary. He added that as per now, however, more regulators and policymakers are appreciating the Crypto space as a whole. He added by saying that the change in the narrative has been largely due to the evident benefits of Cryptocurrencies that have been seen by the regulators and policymakers.
Although the digital token was launched six years ago, most of its tokens are owned by Ripple. The digital tokens price has been fluctuating must as most other Cryptocurrencies this year, however, as the time of writing, XRP has been said to have seen a 93 percent loss compared to its highest valuation last year.