Ripple discloses future plans for xRapid, XRP and RippleNet

15 Jul, 2018
by Richard Allen
Ripple discloses future plans for xRapid, XRP and RippleNet

Senior Vice President of Product Asheesh Birla did an AMA recently in which she opens up about the future of the company, The Daily Hodl reports.

Birla spoke about xRapid, the company’s real-time settlement platform designed to provide on-demand liquidity and increase the speed of cross-border payments. Birla addressed Western Union’s recent statement that xRapid is “still too expensive” and describes how the news affects the direction in which the company is headed.

“The thing with Western Union is they’re such a massive company that’s been around for longer than most payment companies out there. Really, for Western Union to take advantage of xRapid they would have to move all their volume over to something like xRapid because they already have fixed costs and optimized liquidity flows.

So right now, we’ve reoriented our target customer on upstarts, payment providers. That’s, I think, our sweet spot, and that’s what we’re looking to bring into production as soon as possible.”

Birla says he hopes to launch xRapid sometime this year, although there is still no release date.

Regarding RippleNet, the company’s web of banks and payment providers, Ripple’s CTO David Schwartz says the top priority is getting companies to use xRapid and XRP.

“I think one very, very important thing is getting volume on RippleNet – getting transaction flow where we want it to be. More corridors, more deployment. I think having that transaction flow – as candidates to be bridges with XRP – is tremendously important to the company.”

Currently Ripple owns 60% of the total XRP supply.

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Read more about: Ripple (XRP)

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