xRapid goes live today, Ripple announces

01 Oct, 2018
by David Borman
Breaking News
xRapid goes live today, Ripple announces

Today Ripple announced on its blog that xRapid, a system which utilizes Ripple liquidity to send cross border payments, has officially become commercially available and already being used by customers. XRP saw an unsurprising jump in price as a result, and as of this writing very close to pushing back into second place.

In a nutshell, the xRapid system works like this: A user in country A wants to send money to a user in country B. User A uses xRapid and inputs the desired amount. xRapid goes to an exchange and instantly converts fiat into XRP, transfers it using the Ripple network, then uses a liquidity pool to turn it back into fiat, and finally settle it at the bank of User B. The whole process takes a couple of days, which is much faster than traditional transfers, and costs notably less, saving customers money.

The announcement understandably got twitter excited:

Many people were expecting an announcement today, as Ripple's SWELL event is happening in San Francisco, as reported by Chepicap just hours ago.

This does seem like an exciting development for Ripple and global banking. Will it sustain XRP to finally knock Ethereum out of second place for good? Stay tuned to find out.

Read more: Former US President Bill Clinton is keynote speaker at Swell Event by Ripple

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Read more about: Ripple (XRP)

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