The CEO of San Francisco startup Ripple claims that banks and financial institutions are ready to “flip the switch” to integrate the digital asset XRP.
In a recent interview, Brad Garlinghouse told Fortune that he believes that many of the 200 banks and financial institutions that joined the Ripple network are preparing to use xRapid. With the use of xRapid, XRP would be used for cross-border payments.
What is xRapid?
xRapid is a service from Ripple that uses the cryptocurrency XRP to speed up cross-border payments. xRapid saves up to 70% compared to the traditional system, with transfers made within minutes rather than days using the traditional system.
Will Ripple Punish All Critics with XRP?
Many critics of Ripple complain again and again that Ripples partnerships rarely have much to do with the use of their digital asset, the XRP token. In his interview, however, Brad Garlinghouse predicted that skepticism was no longer appropriate.
This year the wheat is separated from the chaff. Not so long ago, the media said that nobody would use XRP, which made for good skeptical headlines. You can say that today people are starting to use xRapid because it’s better, faster and cheaper.
A new bank announces the use of XRP
Euro Exim Bank yesterday announced that it is using xRapid commercially to make payments to its customers. Exim will be the first bank to use Ripples xRapid technology for XRP transactions.
With offices in London and St. Lucia, Exim says it will start using xRapid in the first quarter of this year. The long-term plan is to use Digital Asset to operate payments for its customers in 80 countries around the world.
These Ripple customers want to use XRP
Euro Exim is one of five new companies that Ripple says will use XRP to make payments on behalf of its customers.
Here are the other four.
- JNFX, a London based foreign exchange firm.
- SendFriend, New York Fintech for the global referral market.
- Transpaygo, Vienna, Fintech for mobile payment
- Financial Transaction Control Systems (FTCS), a Stockholm-based financial infrastructure company.
Ripple owns about 60% of the total XRP. Ripple has deposited most of his XRP in a trust account and regularly sells parts of his holdings of institutions and crypto exchanges.
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Author: Marko Vidrih
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