A commercial version of the xRapid payment platform from Ripple will be launched “approximately next month”. The head of the company’s representation in the Asia-Pacific region and the Middle East Sagar Sarbhai informed CNBC about this in a conversation.
The main feature of xRapid is the use of the XRP token, one of the “top” CoinMarketCap coins. The solution is focused on payment providers and financial institutions seeking to improve user experience and minimize costs when implementing cross-border payments, and to increase the speed of the latter.
He also added that currently more than 120 financial institutions are partners of the company using a solution called xCurrent.
In June Ripple CEO Brad Garlinghouse expressed the opinion that by the end of 2019, “dozens” of banks will use xRapid.
Earlier in August, Ripple entered into a partnership with three exchanges – the American Bittrex, the Mexican Bitso and the Philippine Coins.Ph. These trading platforms will use the xRapid product to conduct transactions with XRP tokens and then reverse the conversion to the national currency and vice versa.