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Ripple Launches Its Ace In The Hole Remmitance Product: xRapid

A lot has been said of using cryptocurrencies for international and across borders payments. While not being recognized as official currencies, these are informally used because of their relatively low wages and the quickness of the delivery of the funds to the recipient. All it takes is an official institutional product to use them in a clever way. And that is what Ripple is offering, starting now.
Ripple, the company that has promoted the use of XRP as a suitable currency, has at last finished its star product, a service that seeks to bring institutional backup to cryptocurrency remittances. Called xRapid, it uses XRP to move remittances all over the world with the objective of making this kind of transactions quick, trustworthy, and cheap. Ripple had offered its services to banks and to financial institutions later but in another way.
Ripple’s former flagship product was called xCurrent. It was a direct substitute for the established SWIFT protocol. both are messaging systems that use fiat accounts to move the remittances through them. But xCurrent is massively more optimized and smart that SWIFT, and more important, quicker and cheaper. The average fee charged by banks using SWIFT is of about 30 bucks per transaction, a high fee for anyone wanting to use it, and transactions could take days to arrive at its destination. xCurrent manages to settle operations in less than three minutes and only costs cents to use.
xRapid solves the problem of foreign account liquidity that many banks have by using XRP as the main source of funds for every transaction. This lets banks move these funds from foreign accounts to lend it or to actually invest with them. With xRapid transactions are made in seconds.
Brad Garlinghouse, the CEO of Ripple has also declared they have partnered with at least three startups that will pioneer the use of this novelty product: Mercury FX, from UK; Cuallix, from Mexico and USA, and Catalyst Corporate Federal Credit Union, a financial firm that handles more than 1,000 credit unions in USA.
Regardless of this, Ripple is still under close regulation scrutiny, because by its high centralization it could be rendered as a security. This would constitute a great problem for the company because it would limit its ability to be listed by national exchanges without registration.
Well, being under regulatory scrutiny, Ripple has done very well. The launch of their product they talk to the market trying to position themselves as the main provider of payment systems in the world.
 

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