According to CNBC report revealed on September 17, Ripple is going to launch xRapid version for commerce in a month or so already. This information was provided by Sagar Sarbhai, Head of regulatory relations for Asia-Pacific and the Middle East at the company.
xRapid is a platform created for speeding up payments processed to other countries. It was created especially for commerce and features XRP tokens backing, while its main goal is to minimize The liquidity costs and increase the speed of payments going across the border. xRapid makes a claim to decrease the capital requirements for liquidity greatly. So the words of Sarbhai about the launch of the product in a month or so were called a good news for representatives of commerce.
Sarbhai also explained that there have been significant changes in the regulators’ approach to cryptocurrencies. It has become more tempered because of the apparent benefits offered by crypto.
At the end of summer, Ripple built a partnership with 3 cryptocurrency exchanges including U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.Ph. It was presented as a part of an xRapid solution to create a functional system of cryptocurrency exchanges. These contracts will extend the number of currencies moving through xRapid to XRP, U.S. dollars, Mexican pesos, and Philippine pesos.
The pilot version of xRapid was tested in spring and multiple financial establishments were processing payments between the USA and Mexico during it. According to the reports provided by the participants, transaction savings have reached 40-70%. Another benefit mentioned by the parties was an increase in the speed of transactions that reached only a couple of minutes instead of several days as it was before.