Ripple, the blockchain start-up could be launching its commercial application, aimed at helping banks speed up transactions by using the cryptocurrency XRP, very soon. According to Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, the xRapid product is making significant headway,
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
Sarbhai informs that currently more than 120 banks and financial institutions have partnered with Ripple and using its blockchain-based product xCurrent. This particular product is used by banks to settle international transactions. Based on distributed ledger technology xCurrent is used by banks to message one another, confirming each stage of a cross-border payment in real-time.
Earlier this year, Ripple Chief Executive Brad Garlinghouse pronounced that xRapid will be employed by “dozens” of banks using by the end of 2019.
“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.”
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