Categories: Ripple

Ripple Debuts XRP-Based Cryptocurrency Product for International Payments

Click here to view original web page at

A cryptocurrency whose regulatory fate remains uncertain is ready for prime time.

Ripple on Monday debuted a new financial product based on XRP, the world’s third-most valuable cryptocurrency by market capitalization next to Bitcoin and Ethereum. The service, called “XRapid,” is designed to enable financial firms and other organizations to make quicker and cheaper international payments.

The product launch comes at a time when the legal status of XRP hangs in limbo. Unlike Ethereum, which members of the U.S. Securities and Exchange Commission in June indicated does not qualify as a security under U.S. securities law, XRP’s classification remains an open question.

Brad Garlinghouse, Ripple’s CEO, was abuzz about the launch of XRapid at his company’s Swell event in San Francisco on Monday. “The industry needs to mature and be less dependent on speculative trading and more dependent on solving real problems for real customers,” he told Fortune.

“We’ve been talking about how Ripple intends to do that and now we have more and more proof in the pudding,” Garlinghouse added. “It’s a big deal for Ripple, it’s a big deal for the XRP community, and it’s big deal for crypto.”

Ripple has signed on three financial firms as customers for the XRP-based product. They are MercuryFX, a payment provider based in the UK; Cuallix, a money transferring company with operations in the U.S., Mexico, and Hong Kong; and Catalyst Corporate Federal Credit Union, a financial firm that serves more than 1,400 credit unions across the U.S.

Alistair Constance, CEO of MercuryFX, told Fortune that he was persuaded to join XRapid’s earliest set of customers after running two trials of the product over the past couple of years. The pilots involved sending a several thousand dollars in small denominations to a charity in Mexico.

Constance said that to send $1,000 via the status quo method, represented by the SWIFT international payments network, this would take 2-to-3 days to settle and cost somewhere between $40 to $75 on average. With XRapid, MercuryFX was able to make payments in two minutes at a cost of “not even a couple cents,” he said.

“The economics speak for themselves,” Constance said.

If regulators deem XRP to be a security, the ruling could hinder the cryptocurrency’s adoption and lead to penalties for firms involved in selling it. Ripple, formerly known as OpenCoin, the creator of XRP, has billions of dollars worth of XRP locked away in escrow which it sells on a regular basis to fund its operations as well as other initiatives, such as a recent $100 million donation to a corporate social responsibility program.

Ripple on Monday debuted a new financial product based on XRP, the world’s third-most valuable cryptocurrency by market […]


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...
Published by

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

3 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

3 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

3 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

3 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

3 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

3 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