Ripple’s Sagar Sarbhai is “confident” the cryptocurrency product xRapid will go into commercial application soon, maybe as soon as next month.
Ripple’s head of regulatory relations for Asia-Pacific and the Middle East said Monday the company is making headway with its xRapid product, which is aimed at helping banks speed cross-border transactions by using its cryptocurrency XRP.
“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,” Sarbhai told CNBC.
The xRapid product allows payment providers and banks to process faster cross-border transactions by using XRP. Sarbhai said more than 120 banks are currently partnered with Ripple, using its blockchain-based product xCurrent. However, none are currently testing xRapid.
Ripple’s XRP was hugely popular with cryptocurrency investors earlier this year, so popular it had the funds to endow millions of dollars worth of blockchain research efforts. But with xRapid Ripple is showing it is serious about expanding into cross-border payments, perhaps even breaching the Great Wall and entering China, which currently bans cryptocurrencies.