Ripple’s xRapid goes into the world. The company stated it is now ‘commercially available’ in a press release on October 1, 2018
The xRapid system for cross-border payments will not require the need for a pre-funded nostro account. It administers on-demand liquidity and the speed of payments will almost be instantaneous as compared to days cross-border payments take to complete when made with the traditional system. MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union are among xRapid’s customers.
Ripple has been the hottest topic in recent weeks due to many exciting partnerships. With the launch of xRapid, Ripple continues the trend and draws more valuable players into the space. With that said, we cannot turn a blind eye on some of the less exciting aspects of Ripple and see how they are dealt with:
- Ripple Labs owns more than half the total XRP supply. But the holdings are in escrow, released one billion a month, and usually sold on the over-the-counter markets, and don’t affect the general market.
- Centralization. Not anyone can be a RippleNet validator, but the existing validators are verified entities like trusted banks and large tech companies like Microsoft.
Ripple’s XRP is the second largest cryptocurrency with a market cap of over $22 million. It is currently trading at $0.5637 (XRP/USD), yet, losing 3.25% for the last 24 hours.