Ripple’s cryptocurrency product for cross-border payments will soon go live for the first time with three financial institutions. The San-Francisco-based financial technology announced that xRapid, which uses the cryptocurrency XRP to carry out global transactions in “a matter of minutes which will be commercially available now.
Mercury FX and Cuallix will be using by expense providers as well as cooperative financial firm Catalyst Corporate Federal Credit Union, Ripple. Chief Executive Brad Garlinghouse was set to announce the news at the start-up’s yearly Swell conference, a two-day event presented by industry representatives.
The product launch comes at a time when the lawful status of XRP hangs in limbo. XRP’s classification remains an open question and is not like Ethereum, where members of the U.S. Securities and Exchange Commission in June designated does not be suitable as a security under U.S. securities law.
According to Brad Garlinghouse, Ripple’s CEO, the industry requires to mature and be less dependent on hypothetical trading and more reliant on solving actual problems for real clients. XRapid will use the digital asset as a kind of “connection” between currencies, letting the payment providers and banks to process faster cross-border transactions. As stated on CNBC, Ripple has a total staff of more than 300 employees and is working hard towards cryptocurrency product. However, the company has not yet disclosed any financial figures.
As per Fortune, Ripple which has signed on three financial firms as clients for the XRP-based product. They are MercuryFX, a payment provider based in the UK; with operations in the U.S., Mexico, and Hong Kong called as Cuallix, a money transferring company; and Catalyst Corporate Federal Credit Union, a monetary firm that serves more than 1,400 credit unions across the U.S.
Alistair Constance, CEO of MercuryFX, stated that he was convinced to join XRapid’s earliest set of customers after running two hearings of the cryptocurrency product over the past couple of years. The pilots convoluted sending thousand dollars in small denominations to a charity in Mexico.
The post Ripple Debuts XRP-Based Cryptocurrency Product for International Payments appeared first on OWLT Market.
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