Ripple Prepares Its Cryptocurrency Product XRapid To Help Banks Speeding Up Transactions

Ripple is preparing to unveil its cryptocurrency product named XRapid which will assist the financial institutions to accelerate the transactions. The digital payment network is giving all its endeavors to accomplish its new project and launch it in the next month.

Lots of investors are looking for cryptocurrencies despite the recent tremendous crash which has the potential to extensively rise in 2018. Considering this potential, Ripple is trying to use its upcoming commercial version of its payment podium XRapid that is expected to act as a bridge between the currencies. Apart from this, XRapid will facilitate faster cross-border transactions for the banks and payment providers.

Ripple’s transaction is considered one of the best payment processing solutions everywhere across the globe because its transactions are concluded within a few seconds as compared to other digital currencies such as Ethereum and Bitcoin, as reported by Smartereum. While the banks are already using much more expensive ways to perform cross-border transactions and Ripple is also giving all its effort to stand ahead of all.

The cryptocurrency product of Ripple is not only designed to accelerate the international payments, but it will also try to minimize the liquidity costs and enable the process of cross-border payment transactions faster. For example, if a financial institution wants to make a transaction from the US dollar to Indian rupees, XRapid will be used to convert the US dollars into the XRP tokens. In the end, it will be moved overseas and convert to INR. This is how the new upcoming commercial application will speed up the transaction process.

On the other hand, Ripple is not only adding just any companies as its clients, but it also has topmost clients, which is one of the main causes why its value can augment considerably. Since no other digital currencies have such clients. The CEO of Ripple, Brad Garlinghouse, believes that they will be successful in increasing the value of the tokens sooner than later.

The investors interested in Ripple cryptocurrency will get to see some good news coming in with the launching of the live assessment of XRapid. This is what recently revealed by Sagar Sarbhai, Head of Government and Regulatory Relations, Asia Pacific and the Middle East at Ripple. He further ensured that large-scale financial institutions like American Express, Western Union, Santander, and MoneyGram will soon have the trial run of XRapid, CNBC noted.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Having over 11 years of experience in Journalism, Subhro has become fascinated by cryptocurrency over the last couple of years.

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