One of the most promising blockchain product Ripple’s xRapid is currently available.
According to the announcement on official cryptocurrency website, Ripple’s real-time settlement platform xRapid is fully launched. The company highlighted it as the most important achievement of the year.
xRapid was designed to eliminate the need for a pre-funded nostro account used in cross-border payments. It sources liquidity from ripple on exchanges around the world. As a result, cross-border transactions occur within the minutes and at a much lower cost compared to traditional ways, which take days and incur high exchange fees.
The pilot phase of xRapid started in May and involved the participation of different financial institutions like MercuryFX and Cuallix. It was reported that the technology saved up to 40-70% from traditional transactions and made such transactions much faster.
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