Ripple's xRapid Commercial App "Could Go Live Next Month"

Ripple Hints Its Cryptocurrency XRP Product Will Go Live ‘In The Month Or So

He has shed adequate light on the role of Ripple's XRP to "bridge" the gap between two or more currencies, thereby, speeding up transactions conducted by the banking institutions and the payment providers. It is usually not now possible to buy alternative cryptocurrencies such as XRP directly using U.S. dollars.

While speaking to CNBC, the executive said he was confident that in the next month or so, supporters should expect good news as the company prepares to launch live production of xRapid.

The company says that 100+ banks are already using its xCurrent blockchain-based payments tracking system to settle global transactions, and earlier in the year the company provided the technology behind for Santander's One Pay FX consumer-facing cross-border payments app. For this reason, the company has gearing up building an ecosystem around the use of xRapid and XRP.

Sarbhai said the regulatory environment for blockchain and cryptocurrency technology was improving, with financial watchdogs starting to see the benefits of crypto. For example, a bank may execute a transaction from the USA dollars to Indian rupees. This process needs pre-funded local currency accounts in order to take place. However, with the xRapid in place, Ripple profusely said in its statement that the process would be speeded up by converting the US dollars into XRP tokens, and thereafter the money overseas will be converting back into Indian rupee at the other end. Investors seeking to trade XRP should first buy Ethereum or Bitcoin using an exchange that deals in USA dollars such as Gemini, Coinbase or GDAX.

Blockchain startup Ripple is expected to introduce a commercial application based on the cryptocurrency in the days to come as per the valid source of CNBC.

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Rather than banks trialling the product, firms such as money transfer giants MoneyGram and Western Union have done so instead.

While the corporate world has often struggled to embrace even the concept of cryptocurrency, based off years of negative press pertaining to illicit "dark web" transactions, not to mention volatility within the digital currency market, Ripple has been embraced by big business and banking from day one, who see XRP as less of a currency and more of a technological tool.

Another factor that could increase the value of the coin is the latest statements of the CEO of Ripple - Brad Garlinghouse, that a lot of banks will be utilizing the products of Ripple by 2019.

He stated that the narrative of crypto a few years ago was good in terms of the blockchain, but bad regarding crypto. "What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction", he said. He has commented, "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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