XRP might be in red but other products of Ripple viz. RippleNet, xRapid, xCurrent & xVia are in great demand right now.
First of all, RBC on Ripple
Not long ago, in about March of this year, Marcus Treacher, the SVP of Customer Success at Ripple has shared the battleplan for xRapid, xCurrent, and xVia. Looks like, things are definitely working out.
For one, the video emphasizes that 2018 will see growth, more announcements for connection and corridors along with more pilots, and also companies moving into production mode for the XRP flow.
With the way things are panning out, the plan is very much in effect as companies, banks, and projects are making plans to integrate Ripple products.
In one of its documents, RBC Capital Markets, a global investment bank which is part of the Royal Bank of Canada (RBC) and offers services in banking, finance, and capital markets, mentions payment processing- xCurrent, liquidity support- xRapid, and payment access- xVia.
“While not necessary for xCurrent and payment processing, we believe that it is helpful to use the “complete” solution as an example of how blockchain could disrupt the remittance market, including the use of XRP and its corresponding ledger,”
it illustrates the benefits with:
“Cost: RippleNet (with or without XRP) offers transparency of forex rates and fees, before the transaction is originated, and can reduce the cost per payment for financial institutions.
Speed: Transactions processed through Ripple are immediate, 24-7 with real-time confirmation of receipt.
Transparency: Ripple combines payment messaging with funds settlement enabling easy tracking of funds which might not be currently available for cross-border inter-bank payments.”
Kuwait financial house testing ripple
In the document dated September 2018 and titled “Choosing The Direct Connection For Faster Payments Access”, Kuwait Financial House states,
“Remittances are a focus in the Middle East, too, where Kuwait Financial House (KFH) aims to use payment network Ripple’s blockchain solution to speed them across borders. That service is currently being tested and will be presented to the country’s central bank for approval when a final version is ready. KFH expects the solution will provide more end-to-end payments visibility, greater security, and improved speed.”
The bank points out “KFH and Ripple can’t forge ahead right away, however. The Central Bank of Kuwait will first need to give its approval before the former can launch Ripple-enabled services”. It clarifies its stance but has yet to choose between xRapid and xCurrent:
“Blockchain is also seeing a boost in the Middle East, with Kuwait Financial House (KFH) slated to become the first bank in Kuwait to join Ripple’s global blockchain network, RippleNet. It plans to use the system to support faster cross-border payments and end-to-end transaction visibility for retail customers, claiming this will bring greater security, efficiency, transparency and lower costs compared to traditional remittance methods. KFH has not yet reported whether it will use xCurrent, which enables settlement in fiat currency, or xRapid, which uses Ripple’s XRP token cryptocurrency.”
Two New Projects Contemplating using Ripple products
Verso.Exchange with the idea to connect centralized and decentralized crypto exchanges with gateways to fiat is one such name that shares in the whitepaper:
“There’s work to be done to integrate with a back office banking layer or with Ripple to enable fast and secure back office transactions. For example, through Ripple’s xRapid and xCurrent, Verso will be enabling transparent fiat to cryptocurrency settlements through Verso’s Fiat Exchange Gateway (VFEG).”
Another project is PetroDollars, a Globally Compliant Digital Reserve Currency that explained in its whitepaper:
“PetroDollars, alongside its own internal platform development project, intends to enter into licensing and other agreements with San Francisco-based Ripple (www.ripple.com) in respect to use and adoption by PetroDollars of its payments and funds transfer platforms.”
Meanwhile, in tandem with the red market, XRP is falling by 4 percent while exchanging hands at $0.274.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.