Categories: Ripple

Ripple CEO says ‘dozens’ of banks will use its cryptocurrency product in 2019

Click here to view original web page at www.cnbc.com

Ripple will have "dozens" of banks using its blockchain product that requires a digital currency known as XRP to work, the start-up's CEO told CNBC on Tuesday.

The company is developing a solution that allows cross-border money transactions between banks in a faster and cheaper way than the current system allows. It's based on a blockchain, the technology that underpins many cryptocurrencies.

It has a number of different blockchain-based products. One of those is xCurrent, which is currently in use by a number of banks, including Santander. It essentially makes the processes of checking information required to make transactions much quicker and does not require any cryptocurrency to work.

But Ripple also has another solution known as xRapid, a product aimed at institutions that have business in emerging markets.

Payments into emerging markets often require pre-funded local currency accounts around the world, meaning liquidity costs are high, Ripple explains on its website. Money would be sent into the xRapid system, converted into XRP to move it through Ripple's product faster, then be converted back into whatever currency is required at the other end.

Because XRP has a four-second transaction time, this process would be quick. Some companies, such as Western Union and Moneygram, have begun trialing xRapid, but none have committed to it fully.

But Brad Garlinghouse, the CEO of Ripple, said that by the end of 2019, he expects many large institutions to be using it.

"I've publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool," Garlinghouse told CNBC in an interview at the Money 20/20 Europe fintech conference in Amsterdam, Netherland, that aired on TV on Tuesday.

"You know, by the end of next year, I would certainly hope that we would see you know in the order of... dozens."

The XRP token is publicly traded on cryptocurrency exchanges. It traded at 67 cents on Tuesday. If large institutions began using the xRapid product, demand for XRP would theoretically rise given the large-scale transactions that would be taking place and could affect the price.

The company is […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

5 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

5 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

5 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

5 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

5 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More