Despite Ripple and XRP’s most recent peak in terms of acceptance and value, few crypto enthusiasts talking unenthusiastic about Ripple’s product. The latest tweet spread out today on December 18, 2018 hit mainstream media stating ‘NO banking institutions are using xRapid’.
XRP Regulations and The Application of xRapid
xRapid is one of the product by Ripple Labs which particularly focusing on ‘cross-border remittance’. A Twitter user name ‘Steven Diep’ posted a video of Marjan Delatinne, Global Head of Banking at Ripple, and notes that only ‘payment service providers are using xRapid and not banking institutions.
The tweet goes as follows;
Due to regulation uncertainty, NO banking institutions are using xRapid as of now, ONLY payment service providers.
— Steven Diep (@DiepSanh) December 18, 2018
In no time, many other enthusiast joined the conversation and few pointed out what Ripple CEO Brad Garlinghouse said about xRapid in Mid 2018. They pointed out how Brad was very confident about xRapid and its usage across the various bank.
so brad was wrong, no banks will use xrapid this year ?
— nIlSO (@fingerinpomexi1) December 18, 2018
Nevertheless, the other twitter enthusiast speaks about the regulatory stances happening over XRP and the potential of xRapid. Few says, there seems no clarity yet on a matter of ‘XRP as security’. One of the Twitter user said;
With current lawsuit around XRP as a security could we b waiting potentially years for the end of the court case and finality on regulatory clarity meaning no Xrapid use for US banks & countries waiting on their lead ? or could Govt. present clarity prior ?
As far as this conversation is concerned, Marjan Delatinne explained how crypto and digital assets are building global economy by associating it with liquidity management system. In her words;
No banking institution is using that, regulatory framework around the usage of digital assets is not very clear for banks but payment service provider or other finance institutions are less governed by these obligations.
She gave instances of how currency’s liquidity is managed adding that one can use liquidity when needed and when you don’t needed it, you don’t use it.
Moreover, few enthusiasts are hoping Brad to discuss on this matter tonight;