• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
what is ripple, what is xrp
Advertisement

Ripple Announces Positive First Pilot Results for xRapid

Adam James by Adam James
5 years ago
in News, Altcoin News, Blockchain, News teaser, Ripple
0
Advertisement

Ripple, a real-time gross settlement system, currency exchange, and remittance network, has announced the results of its first pilot for xRapid — the company’s business solution for payment providers and financial institutions looking to expand their reaches into new markets with increased scale, speed, and cost efficiency. 


Promising Results

In its push to modernize financial services infrastructure via high-powered blockchain-powered solutions, improve the speed and cost of cross-border payments, lower barriers to financial inclusion, and pump trillions into the global economy, Ripple has announced the results of its in-house xRapid technology. Noted the company late last week:

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Today, we’re a step closer to realizing these goals with xRapid. It eliminates delays in global payments while also dramatically lowering cost. xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant. Aggregated results from several pilots for xRapid are now available.

Ripple’s Reach Expands

As expected, Ripple claims positive results, writing:

For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.

Naturally, one wouldn’t expect Ripple to share negative results. Nevertheless, the first pilot test of xRapid shows a promising future for the company’s XRP-powered technology.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

How It Works

For those unfamiliar with xRapid, the technology works as follows:

[A] financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange. Once this transaction takes place, the funds are sent out on the local rails of the destination country for payout. The transaction is tracked end-to-end, and the result is a cross-border payment that is cheaper and faster than ever before.

Ripple

Friends in High Places

Ripple has built quite the stable of partnerships over the past half year.

The Japan Consortium is set to launch a revolutionary smartphone app called “MoneyTap” in fall 2018, which will allow customers to settle transactions instantaneously, 24/7. The app is powered by Ripple’s blockchain technology.

Additionally, the San Francisco-based company announced partnerships with five new European and Asian customers — FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) —  late last month, which will all use xVia to power frictionless payments over RippleNet.

Most recently, Coinone Transfer — a subsidiary of Coinone — officially joined RippleNet, and is set to use xCurrent.

Ripple XRP

Of course, not everyone is on board with Ripple and it’s blockchain-based solutions. Many proponents of blockchain technology claim the project is too centralized and centers around a cryptocurrency (XRP) which actually has very little utility. Some have even gone so far as to claim the company is trying to build a private central bank.

@twobitidiot summarizes it for me: "Ripple is trying to build a private central bank". https://t.co/4k4IJfLEiE

— Tuur Demeester (@TuurDemeester) May 8, 2018

Regardless of one’s opinion on Ripple and XRP, expect major announcements from the company at Consensus 2018.

What do you think about Ripple and its suite of blockchain solutions? Do you think XRP lacks utility? Let us know in the comments below! 


Images courtesy of Shutterstock, Bitcoinist archives, and Twitter/@TuurDemeester.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

Ripple XRP buyback

Ripple CTO Slams Theory That XRP Price Will Hit $50,000 Due To Buybacks

9 hours ago
cbdc

Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

1 day ago
Ripple XRP Coil

Key Entity In XRP Ecosystem Backed By Ripple Ceases Operations, Here’s Why

3 days ago
XRP Coinbase relisting

Will Coinbase Relist XRP Now That There Is Regulatory Clarity?

4 days ago
Polkadot DOT DOTUSDT

Automotive Giant Toyota Explores Polkadot Project To Increase Business Efficiency

5 days ago
Ripple XRP

If Ripple Wins Vs. SEC, XRP Price Could More Than Double – Here’s Why

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • MEMAG Presale Crosses $3 Million As Investors See Future...

    5 hours ago
  • Syscoin and SupraOracles Join Forces to Onboard the World...

    6 hours ago
  • Fantom (FTM) and GMX (GMX) Price Goes On A Free Fall, While...

    7 hours ago
  • Snowfall Protocol (SNW) Success In Presale While Crypto...

    9 hours ago
  • Threshold (T) and Chia (XCH) Make Reasonable Gains As...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.