Ripple’s settlement organization that uses a combination of blockchain and cryptocurrency technologies may be going live within the next month or so, according to a statement from a company executive.
The product, which utilizes XRP to complete real-time cross border settlements, has already struck some high-profile partnerships, and many investors see it as the main use case of XRP.
Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, said that the company has made significant progress towards the official launch of its xRapid product, and that it will only be a short matter of time before the product goes live.
Sagar Sarbhai:-
- cryptocurrency product xRapid will go into commercial application soon.
- Ripple has so far not publicized any banks testing or using xRapid and has earlier said banks will not be the first to trial the product.
- 120 banks are currently joined with Ripple, using its blockchain-based product xCurrent
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Feature-rich network
The Ripple platform represents one of those revolutionary systems. While it has been round considering the fact that 2012, it is nevertheless solidly backing up banking and monetary institutions in their quest to furnishextra efficient and quicker transactions that can be constructed aroundcustomers’ trust in each other and the network.
Ripple is a mission based on small free software program that pursues the development of a savings device primarily based on the end-to-end paradigm. Each Ripple node features as a neighborhood alternate system, in such a way that the complete network forms a decentralized mutual bank.
In different words, the Ripple platform is a dispensed social serviceprimarily based on the honor and believe of existing humans in real-world social networks. In this way, economic capital is primarily based on social capital. A reduced model of the Ripple network would consist of an extension of the present hierarchical banking system.