Ripple’s xRapid Could Be Used By More Major Banks And XRP May Trigger Important News By The End Of 2018, Says Ripple CEO
Ripple’s XRP-powered product xRapid could be used by even more banks by the end of the year, according to CEO Brad Garlinghouse.
Earlier this year he spoke about Ripple’s future and the way in which various companies are embracing the services and products that are being developed.
XRP is expected to grow
The community is expecting the price of XRP to increase over time and be able to reach new heights.
But for the moment, the whole crypto market is trying its best to recover after the recent bloodbath which worried holders.
Anyway, it’s pretty clear that XRP cannot reach new heights by the end of the year, by the look of things, and this goes for all coins.
On the other hand, Garlinghouse said a while ago that “By the end of this year, I have confidence that major banks will use xRapid as a liquidity tool, this calendar year. By the end of next year, I would certainly hope we would see in the order of magnitude of dozens.”
Using xRapid and XRP
The institutions that have been confirmed by Ripple to use xRapid are Viamericas, Cuallix, IDT, and MercuryFX.
There are also four crypto exchanges that are working with XRP in order to provide liquidity pools for xRapid.
These exchanges include Bittrex that works with USD, Bitso for Mexican Pesos, Coins.ph for Philippine Pesos and SBI Virtual Currencies for JPY.
Viamericas could start using xRapid shortly, and another company that could implement Ripple’s product is the telecommunications operator IDT. They could use it for the BOSS Revolution.
“IDT Telecom’s Retail flagship service is BOSS Revolution. BOSS Revolution helps immigrants and the under-banked to conveniently and affordably communicate and share resources around the world,” IDT says.
Ripple’s Dan Morgan, the Head of Regulatory Relations for Europe recently said that “It’s very early days, but we see the biggest appetite in Asian markets, regarding demand.”
Overall, both Ripple and XRP have had an interesting and productive 2018.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.