Ripple CEO, Brad garlinghouse, has given the starting shot for Ripples xRapid. The new System promises to international payment services. The Bankencoin XRP takes on a mediating role. The Ripple rate loses, however, a bit of strength.
On 1. October: Brad Garlinghouse, CEO of the company Ripple announced the launch of xRapid. On the Swell conference in San Francisco, the company also confirmed existing partnerships.
It follows Ripple, with xRapid in the future, cross-border transactions cheaper and faster. XRP serves as a bridge between various currencies. As currencies are traded using the platform first into XRP and then sent to the receiver. In the case of the receiving party, XRP is traded in the relevant currency. As a result, the platform promises a cost savings of up to 70 percent compared to conventional payment transfers.
xRapid, and the Partner of Ripple
As CNBC reported, is used the product is currently three payment service providers. These are Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union. Brad Garlinghouse expressed the news channel that he expected by the end of 2019, a major onslaught on the payment platform. Therefore, to follow by the end of next year, “dozens” of banks, which devote themselves to Ripple and XRP technology.
Attack on traditional payment system
Mercury FX and Cuallix are both payment service provider, the part had already in the pilot phase of xRapid on the project. Mercury FX is planning xRapid for payment transfers between Europe and Mexico. Also Cuallix will focus on Mexico – here, however, are of payment services in the United States, in order to facilitate the platform. Also, the Catalyst Corporate Federal Credit Union wants to use xRapid for cross-border payments. For this purpose, the COO of Catalyst Corporate Federal Credit Union, Brad Ganey says:
“The traditional international payment processing does not meet the current expectations in terms of price, speed and ease of use. The Blockchain technology, and in particular, the xRapid-product of Ripple, solves all the three challenges at the same time. Catalyst Corporate will utilize the technology platforms of our subsidiaries, the XRP digital assets to transfer, on behalf of our more than 1,400 member cooperatives money across borders. We have signed a production contract and are currently building our Plan.“
Ripple is not unrivalled
With their projects, to facilitate international payments (and him in the same Moment to acquire), the business, Brad garlinghouse is not alone. With StellarX, the company currently has a promising competitors, dedicated to the same goal.
Ripple price shows little reaction
Surprisingly, the Ripple price has not responded further to the announcement that the Token is soon to establish in the financial sector. So it is with 0.56 US Dollar with a loss of almost four percent compared to the previous day. In the 7-day review however, there are still almost 25 percent Plus. Course of the month, it looks even better. Here, the Ripple has improved course to a total of 65 per cent.