Ripple’s xRapid Technology Goes Live With 3 Financial Institution
Ripple, a US-based technology startup has finally released one of its most promising products dupped xRapid. Ripple announced on Monday that xRapid, which uses the cryptocurrency XRP to carry out international transactions, is now commercially available.
The service will be used by payment providers Mercury FX and Cuallix, as well as cooperative financial firm Catalyst Corporate Federal Credit Union, the company said.
Catalyst Corporate Federal Credit Union is a financial institution that serves cooperative financial institutions across the United States. Cuallix focuses on facilitating remittance payments between the US and Mexico.
“I’m really excited to bring the product into the market at a time when there is a lot of skepticism about digital assets and their real use case,” Asheesh Birla, Ripple’s senior vice president of product, told CNBC.
The development marks the first time XRP will be used in a commercial application by financial services firms and is seen as a critical milestone in Ripple’s bid to make cryptocurrencies and the underlying blockchain technology a part of the financial mainstream.
So far the start-up has not publicly announced any banks piloting xRapid, and has said that big lenders are unlikely to be the first to test or use it.
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