At a recent event, David Schwartz, Ripple Chief Cryptographer, live demonstrated the settlement of cross-border in 2 minutes. Currently, Ripple price at $0.683 level, Ripple recently made the headlines for its Xpring initiative and successful xRapid pilot test.
Ripple xRapid live demo for cross-border settlement
The Chief Cryptographer of Ripple, David Schwartz live demonstrated xRapid at the Consensus event. Recently released, the video shows the demo of the transaction occurring.
xRapid is one of the products of Ripple that provides cross-border payment solution. It uses XRP ledger for the transactions to close a settlement in 2 to 3 minutes with a receipt.
Ripple is one of the most popular and active cryptocurrencies in the crypto space. It has achieved quite a success with its number of products viz. xCurrent, xRapid, and xVia. The cryptocurrency is certainly moving towards the mass adoption as it proves its worth for the finance industry.
The team is working towards its real-life uses that will further drive its value. Currently, Ripple price is at $0.683 with the market cap of $26 billion.
xRapid came into the limelight when recently, it made headlines for successfully completing its pilot test between the US and Mexico within 2 to 3 minutes while cutting down the cost 40 to 70 percent.
xRapid, Xpring & XRP volatility
At the event, the demonstration was made to the live audience to show the way the technology allows speedy and secured payment exchanges.
As for the working of the xRapid, first, two financial institutions need to be connected directly to the exchange. After that, the currency needs to be liquidated into XRP which is then converted into the destination currency.
This results in faster and cheaper cross-border payment that is also easier to manage by attaching the memos on it.
The demonstration at Consensus was conducted by David Schwartz which involved sending 100 USD into Mexican Pesos amounting to 1975 MXN. It took about 2 minutes for the transaction to complete which was saved in the XRP ledger as well. In the traditional system, it usually takes 2-3 days to settle such payments.
At this event itself, Schwartz also talked about the volatility of Ripple which shouldn’t’ be a matter of concern for the users of xRapid product because they are not obligated to use it. This means in order to use the services of the Ripple, users don’t have to invest in XRP.
According to Ripple, Xpring will invest in those serious projects that make use of XRP and its blockchain technology. This step would help Ripple in creating a diverse ecosystem.
What are your views on xRapid? Do you think these developments would take Ripple price to new heights? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.