XRP, the second largest crypto by market cap with a market value of $14,300,905,105 on CoinMarketCap has been retreating amidst the global crypto sell-off, but it still manages to resist pretty well compared to its rivals.
Ripple is rolling out a new version of xCurrent
Ripple is currently rolling out a new version of its popular product xCurrent.
Ripple’s version 4.0 of xCurrent has been positioned as the main rival of SWIFT, and it’s more closely integrated with Ripple’s other major offering, xRapid.
xRapid uses XRP to provide on-demand liquidity in cross-border transactions.
This ability of using XRP as a bridge currency in the middle of cross-border payments eliminates payment processors’ need to pre-fund bank accounts in the destination countries.
Ripple SVP of product Asheesh Birla explained some details about xCurrent to CoinDesk:
“What this release enables you to do is that in countries where you think it’s appropriate and xRapid’s available, using your xCurrent software, you can now plug into on-demand liquidity using xRapid.”
The rollout of xCurrent version 4.0 began in September and customers such as Santander, American Express and more are being transitioned to the new version.
Upcoming seminar at the World Bank
The Global Head of Infrastructure Innovation at Ripple, Dilio Rao will speak at the forthcoming seminar of the World Bank about the benefits of RippleNet.
The event devoted to Distributed Ledger Technology (DLT) for Payments Infrastructure Innovation will take place on November 29.
“The speaker will present the qualities of DLT that solve for fundamental paint points such as cost, speed, and transparency,” according to the announcement.
Just recently Ripple’s board member Susan Athey said that more financial institutions are joining Ripple’s network RippleNet in order to leave the old school hub mentality in the past and avoid all kinds of delays and more issues that stem from the global payments network SWIFT.
She addressed more groups of banks that joined RippleNet recently form the Middle East and Asia, and she highlighted that a lot of smaller countries are the early adopters.