In an explosive interview with CNBC on the 17th of September, Sagar Sarbhai, who is the head of regulatory relations for the Middle East and Asia-pacific, made CNBC understand that in the next few months, Ripple will be launching xRapid. He also said that he is confident that in the coming month or thereafter, supporters should get ready for what’s coming as Ripple will be launching live production of their xRapid product.
The xRapid product is a real-time international payments platform, backed by XRP. The product minimizes liquidity costs and brings about faster cross-border payment transactions.
In order to achieve this, Ripple has involved themselves in massive promotions with the aim of passing across their message to the right people. They are always there at conferences, webinars and also try to meet up with various company executives to pitch to them the various benefits they all stand to gain if they buy into what Ripple has to offer.
Ripple Plans to Build an Ecosystem Around xRapid Project
A few months ago, several financial institutions carried out international payments as part of a trial for the xRapid platform and were able to save about 40–70% of transaction costs. Furthermore, they were able to complete the transactions in “just over two minutes”, rather than the average 2–3 days they would have normally taken. And, this is why Ripple is planning to build an ecosystem around XRP and xRapid.
Just last month, Ripple entered into a partnership with three well-known cryptocurrency exchanges namely The United States Bittrex, Philippine Coins Ph and Mexican Bitso. This partnership is seen as xRapid’s way of building a very healthy and robust ecosystem of digitalized asset exchanges and majorly to promote xRapid in the midst of XRP, United States dollars, Mexican and Philippine pesos.