Blockchain-Startup Ripple Is Preparing To Launch xRapid – Service Of International Payments With Low Commissions
Blockchain-startup Ripple is preparing to launch the commercial xRapid platform in mid-October 2018.
The company explains that xRapid uses XRP as a kind of bridge between currencies. This will allow banks and payment providers to process cross-border transactions faster.
Companies launching xRapid will be able to offer users a high-speed service for cross-border payments (the transaction time does not exceed three seconds) with a low level of commissions. Actually, the speed of transaction processing and low cost are the main features and competitive advantages of this system.
The xRapid platform was tested in early 2018. The tests involved large services like Moneygram and Western Union. In addition, in August 2018, Ripple conducted tests of the system with three crypto-exchanges – the American Bittrex, the Mexican Bitso and the Philippine Coins.Ph. Partnership with these crypto-exchanges will create a “healthy environment for the exchange of digital assets,” said representatives of Ripple.