Speed up the Bank Process, Ripple will Launch Crypto Currency.
The blockchain startup Ripple will launch a commercial application that focuses on crypto (cryptocurrency) currencies. The launch is expected to take place next month or the following month.
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The company made significant progress with xRapid products. It is intended to help banks accelerate transactions using crypto currencies, XRP, "said the Head of Regulation for Asia-Pacific and Middle East in Ripple, Sagar Sarbhai.
Ripple said xRapid used the XRP currency as a "bridge" between money. This allows payment providers and banks to process cross-border transactions more quickly.
For example, the transaction process from US dollars to Indian rupees. According to Ripple, to process, the bank requires a pre-funding account for the local currency.
With xRapid, Ripple claims the process will be accelerated by converting the US dollar to an XRP token. Then the money was transferred abroad, and was converted back into an Indian rupee.
The company has made agreements with various well-known financial institutions, including Santander, American Express, MoneyGram, and Western Union. But the partnership has so far not been linked to XRP or is actually still testing the XRapid.
Sarbhai said more than 120 banks and financial institutions have partnered with Ripple using xCurrent blockchain-based products. Ripple's xCurrent products are used by banks to complete international transactions.
Earlier this year, Ripple Chief Executive Brad Garlinghouse said the company would get "dozens" of banks using xRapid by the end of 2019.
So far, the authorities have been wary of the crypto currency. This is because there are concerns about the use of illicit practices such as money laundering or to deceive investors.
Another concern is the volatility associated with currencies, including XRP which jumped to fantastic value at the end of last year, and dropped again this year.
Sarbhai said the rules for blockchain and currency technology had improved because financial supervisors began to see the benefits of crypto.
"A few years ago the narrative was: blockchain was good, crypto was bad," he told CNBC International.
Early last year, the price of XRP soared to more than US $ 0.006 (IDR 89 silver) to US $ 3 (IDR 44 thousand). After dropping significantly, the currency was worth around US $ 28 cents, according to the tracking site IndexMarketCap.
Even at that price, the token still has market capitalization if it is calculated by multiplying the price by the number of coins circulating around US $ 11.2 billion (Rp. 166 trillion). This makes XRP the third most valuable digital asset.
Ripple was founded in 2012 and has around 60 billion XRP tokens from 100 billion in circulation. (miq / miq).
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