Ripple Executive Claims xRapid Going Live Within a 'Month or So'

Ripple Executive Claims xRapid Going Live Within a ‘Month or So’

A Ripple executive said on September 17th that a live production version of its xRapid product would be launching soon. If confirmed, the news would mark a major step forward for Ripple’s flagship product, which up until now has only been tested by financial firms.

Also see: No ‘Crypto Euro’ Planned, According to Chief of European Central Bank

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xRapid May Be Moving out of Beta Soon

The head of government and regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai, told CNBC that a live production version of the xRapid system, which uses the XRP cryptocurrency, would likely launch in the next month.

To that end, Sarbhai 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.”

Ripple markets xRapid as a way for banks and money transfer operators to offer their customers low-cost real-time international payments. It relies on the XRP cryptocurrency, which is widely traded on cryptocurrency exchanges around the world.

xRapid
The calm before the storm? #Ripplegang hopes so.

Ripple also has a payment processing service called xCurrent and a payment interface product called xVia, but neither of those involve the use of XRP.

Ripple Looking to Increase XRP Adoption

Ripple announced in August that it had chosen three cryptocurrency exchanges in the United States, Mexico, and the Philippines to act as preferred partners for the xRapid system. Ripple would use a combination of its internal network and the exchange platforms to settle xRapid transactions using XRP. At that time of that announcement, Ripple’s Chief Market Strategist Cory Johnson also said xRapid would be moving to production later in 2018.

In January, MoneyGram announced it would be starting a pilot of Ripple’s xRapid system. Fellow money transfer firms Western Union and Cambridge Global Payments made similar announcements in February and March respectively. However, in June, the CEO of Western Union, Hikmet Ersek, told the press that xRapid had not saved the firm any money. The next month, the company filed a blockchain patent application of its own, leading some observers to believe that it was attempting to build its own technology in-house.

Ripple Getting a Run for Its Money From Stellar

Ripple has faced tough competition from rival Stellar this year. Earlier this month, IBM announced it was teaming up with Stellar to offer an international payment system that would compete with Ripple. And shortly after that announcement, Stellar-backed Lightyear acquired blockchain startup Chain to create a new company called Interstellar.

But good news for Ripple also came last week, when the firm announced it had reached a settlement with fellow blockchain startup R3 over a legal dispute relating to options for XRP granted to R3 in 2016.

XRP Dips in Daily Trading, Down for the Month

At the time of this article’s writing, XRP is down by .07 percent in the last 24 hours, per CoinMarketCap.

Since the September 1st, XRP has declined by more than 18 percent — a figure better than ether’s (ETH) 25 percent drop, but worse than bitcoin’s (BTC) nearly 10 percent fall during the same period.

Have your say. Do you think a financial institution is going to be using xRapid in production during 2018?


Images via Pixabay

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