Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai has revealed the potential timeline for xRapid launch. Moreover, after Chris Larsen confirmed 100 partnerships, Sarbhai further stated xCurrent’s over 120 partnerships with banks and financial institutions.
xRapid all set to enter the market
It has been stated by Ripple CEO Brad Garlinghouse that xRapid would be used by major banks in 2019. Now, the latest report only cements this fact further as according to Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East that the company has made a lot of headway with xRapid.
In an interview with CNBC, Sarbhai has shared that “in the next month or so,” one of its prominent product will be ready. xRapid basically offers on-demand liquidity that lowers cost while enabling real-time payments by using XRP. It is used by banks and financial institutions to process faster cross-border transactions.
Sarbhai has been commented as saying:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
Lot more partnerships & regulatory space
Ripple has a number of deals and partnerships from all over the world to its names such as Santander, Western Union, Barclays, Bank of Canada, and Bank of England among many more.
Just this month, Chris Larsen, the co-founder and executive chairman of Ripple has revealed that the company has over 100 production contracts signed. Previously, Ripple CEO, Brad Garlinghouse has shared that dozens of banks will be using xRapid by 2019 end.
Now, CNBC has stated
“Sarbhai said that more than 120 banks and financial institutions are currently partnered with Ripple, using its blockchain-based product xCurrent”.
According to its website, xCurrent is defined as:
“xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles.”
Sagar Sarbhai also talked about the regulatory environment for cryptocurrency and blockchain which keeps on improving:
“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.”
While Ripple keeps on making developments with its products, XRP is trading at $0.279 and being up by 0.04%.