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Ripple’s Xrapid Goes Live with Partnering with Three Firms

Cuallix, MercuryFX and Catalyst Corporate Federal credit union are the initial firms using Ripple’s xRapid product to handle international transactions

Ripple signs up payments firms to start xRapid

Ripple’s latest announcement on Monday, October 01, 2018 states the xRapid is now commercially available. The news rolled out when Ripple CEO Brad Garlinghouse named three firms that deploy its new product. Accordingly, Cuallix and Mercury FX, the payment service providers and Catalyst Corporate Federal credit union, financial institutions seems the major players organizing the pilot phase of xRapid.

The result in increasing implementation of blockchain technology by financial firms led Ripple launching new services. As in the case of xRapid that uses XRP enable firms to powerup the international transfers.

“I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case,”

said, Asheesh Birla, Ripple’s senior vice president of product.

“Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”

The new technology of Ripple that has rolled out earlier this year is to say to settle transactions “in a matter of minutes. Furthermore, Ripple claims that the firm participating in a pilot phase of the launch will likely experience significant reductions in the cost for sending international payments.

It was discussed at the “startup’s annual Swell conference” on Monday

The project would be the first of its kind for financial institutions to employ virtual currency in commercial products. However, the Brad Garlinghouse declined to disclose the probable payment Ripple expects from these three firms employing xRapid.

Related Coverage – Siam Commercial Bank (SCB) Pioneers RippleNet’s “Multi-hop”

A glimpse on Crypto Price

At the time of writing Ripple stands with $0.56, showing the negative mark of 0.15% in 24 hours. According to the Coinpedia Altcoin tracker, Bitcoin trade at the range of $6582.41, and Ethreum is trading for $229.04.

Let’s discuss Ripple’s next move on Twitter

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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