Ripple to Launch It’s Cryptocurrency-Focused Product Soon
Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said on Monday that the firm will launch a commercial application of its cryptocurrency-focused product “in the next month or so.
Ripple’s Sagar Sarbhai says he’s “confident” about its cryptocurrency product xRapid will go into commercial application soon. xRapid is aimed at helping banks speed up transactions by using the cryptocurrency XRP.
According to Sagar, the firm was making significant headway with its xRapid product. “I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” Sarbhai said in an interview with CNBC’s Arjun Kharpal.
The company has struck deals with various high-profile financial institutions, including Santander, American Express, MoneyGram and Western Union. But so far, no bank has begun testing xRapid.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production, Sarbhai said.
xRapid product uses the XRP cryptocurrency as a kind of “bridge” between currencies, allowing payment providers and banks to process faster cross-border transactions.
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