The product, which utilizes XRP to complete real-time cross border settlements, has already struck some high-profile partnerships, and many investors see it as the main use case of XRP.
While speaking to CNBC, Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, said that the company has made significant progress towards the official launch of its xRapid product, and that it will only be a short matter of time before the product goes live.
During the interview, Sarbhai said that:
“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.”
The product allows a group, like a bank, to convert their fiat currency to XRP, which is then sent to the receiving party, and quickly converted to the receiving party’s fiat currency. This system completes these processes automatically, allowing fiat currency to be converted and moved to anywhere in the world in an incredibly short amount of time as compared to current settlement systems.
Ripple rate can be high from this product of ripple
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