High-profile blockchain company Ripple may be launching a commercial application “in the next month or so,” a company executive told CNBC earlier this week.
The commercial application in question, xRapid, is a solution “for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience.” In general, the technology aims to make Ripple’s cryptocurrency (XRP) a means by which both banks and payment providers may expedite financial transactions across borders — a process which traditionally isn’t particularly fast.
A Slew of Partnerships
Ripple has notably been lining up the partnerships in 2018. More than 120 banks and financial institutions have penned deals with the San Francisco startup, including Santander, American Express, MoneyGram, and Western Union. However, as noted by CNBC, none of the aforementioned partnerships have been definitively good for XRP — since they are either unrelated to the cryptocurrency entirely or merely xRapid trial runs. The launch of a commercial product which utilizes the third largest cryptocurrency by market capitalization would likely give some cause for bullishness, as the company plans on having “dozens” of banks making use of its xRapid product by the end of next year, according to Ripple CEO Brad Garlinghouse.
Down in the Dumps
At the time of this writing, XRP (XRP) is trading at $0.273665 per coin, down 2.30 percent over the last 24 hours. The cryptocurrency, like many other market leaders, has had a rough 2018 — falling from highs of $3.78 at the beginning of January.
What do you think about xRapid’s potential? Will the commercial product have an effect on the price of XRP? Let us know your thoughts in the comments below!
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
READ FULL BIO
Sponsored
Sponsored