Ripple announced results from several early xRapid pilots and xRapid technology, which have turned out to be successful.
In an official statement, Ripple said that participating financial organizations would save between 40%-70% in comparison to the costs they would normally incur if they used the services of traditional providers.
The average transaction time in this case was just over two minutes, while a typical international bank transfer requires 2-3 days. In this case, the operation with the XRP Ledger network takes only 2-3 seconds, while the rest of the time is spent on additional processing by third parties in the form of exchanges and local payment services.
“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility,” said Asheesh Birla, SVP of Product at Ripple. “XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second.”
It is noteworthy that many experts question the value of XRP, but company representatives said that the solution would be widely used to move values and help organizations to release funds for other purposes.
By Ekaterina Ulyanova