It is clear from the CNBC’s report that ripple (XRP) tackling the facilitation of international remittance is planned to release the product ” xRapid “, which enables rapid and cheap international remittance between banks, to be commercialized next month It was.
Another company’s product ” xCurrent ” has already been implemented as a communication tool between banks by 120 banks in the world, but trial of xRapid has not yet begun.
However, Mr. Sagar Sarbhai, who oversees regulatory relations in the Pacific Asia and the Middle East region at Ripple, said in a CNBC interview that ” you should be able to report launch of (xRapid) products next month “.
xRapid is a service that allows a bank to make foreign exchange with an XRP token as an intermediary currency, which is said to be advantageous in that the time and expense of settlement can be greatly shortened and reduced compared with the conventional foreign exchange system.
For example, when transferring money from the United States to Japan using xRapid, transactions are completed in a simple procedure of transferring US dollars to XRP at US banks, sending money to Japanese banks, and then exchanging XRPs with Japanese yen .
According to Mr. Sarbhai, national regulatory agencies have recently begun to recognize the positive impact of the cryptocurrency on the world, and large banks and others are beginning to be ready to introduce the technology is.
Article Source: Ripple hints its cryptocurrency product will go live ‘in the next month or so’
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/ripple-to-launch-xrapid-soon/
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