According to a recent news by the CNBC, head of restrictive relations for Asia-Pacific and therefore the Middle East at Ripple Sagar Sarbhai told CNBC that Ripple has been creating strides toward the launch of its product xRapid.
The new product “xRapid” would be a settlement platform designedto increase the existing speed of the international payments.designfor thecommercialuse and backed by XRP tokens, xRapid addressesthe difficultyof minimizing liquiditypricesandcreatingcross-border payment transactionsquicker. xRapid claims toconsiderablycutting backthe capitalneededfor liquidity.
Adding further, Sarbhaiaforementioned that:
“I am confidentlyassuredthatwithin thenext one monthaboutyou’llsee someexcellent newscoming backinwhereverwe tend tolaunchthe product live on production.”
Sarbhaiadditionallynoted that regulators’ approach to digital currencies has beenconsiderably evolving from the narrative of “blockchaingood and crypto bad,” to taking aa lot oftempered approach toward the crypto currencies and seeingthe advantagesof the crypto’s.
Earlier in Aug. this year, Ripple partnered with3other crypto exchanges — U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.Ph — asa part ofanxRapidsolutionto createa “healthy”systemof digitalassetexchanges. The new partnershipis expected toalterxRapidto maneuverbetween XRP, U.S. dollars, Mexican pesos, and Philippine pesos.
This spring,several financialestablishmentsparticipatedin a verypilot of the xRapid platform,thattested payments between the U.S. and Mexico. The participantsreported transactionssavings of 40–70%additionallyto save onprices, the parties notedanimprovement in the dealingtransaction speed — fromthe typical2–3 days to “just over2minutes.”