Ripple’s Partners Might Use xRapid Starting in October, Executive Hints
Some of Ripple’s partners, which currently amount to over 120, might start using the xRapid platform, which means the banks and financial institutions will work with XRP.
Ripple might launch its xRapid platform in October, according to Sagar Sarbhai, who leads Ripple’s regulatory relations for Asia-Pacific and the Middle East. Sarbhai told CNBC that he was confident the platform would go live “in the next month or so.” xRapid, a product that is meant to help banks speed up transactions with the help of XRP, has been the subject of multiple partnerships between Ripple and several reputable financial firms, but no institution has started to use it yet.
Sarbhai revealed that over 120 banks are now using Ripple’s other product – xCurrent, which settles cross-border payments.
Speaking about xRapid though, he said:
“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.”
According to Ripple, xRapid will use its cryptocurrency XRP to act as an intermediary currency between two fiat currencies, which will permit the fast processing of cross-border transactions. The company behind the third largest cryptocurrency in terms of market cap said that it had partnered with several giant banks and financial services firms like American Express, Western Union, Santander, and MoneyGram among others. However, so far, the mentioned partnerships haven’t touched upon XRP as no bank has started trialing it yet.
Earlier, Ripple CEO Brad Garlinghouse told CNBC that he expects dozens of banks to use xRapid by the end of next year.
Sarbhai noted that the regulators had become more open to the cryptocurrency space as they start seeing the benefits. He said:
“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,” the Ripple executive added.
Last month, we reported that Ripple had partnered with three crypto exchange operators – Bittrex, Bitso, and Coins.ph – to use its xRapid platform.