Ripple (XRP) has announced that it will be launching the commercial version of its xRapid platform within the next few weeks. The platform provides real time settlement for payment providers and financial institutions with backing from the XRP token. It facilitates cross border payments while reducing liquidity costs and at the same time providing users with unmatched customer experience. To date, over a hundred financial institutions including banks have partnered with Ripple to use the blockchain’s xCurrent platform. Ripple’s head of regulatory relations for Asia Pacific and Middle East has also pointed to a continued shift in perspective by regulatory authorities towards cryptocurrencies and views this as a major milestone towards continued growth of the blockchain and the crypto industry in general.
In an effort to build xRapid’s capacity to facilitate fast cross border transactions, Ripple recently patterned with Bittrex, Bitso and Coins.ph exchanges based in the US, Mexico and Philippines respectively. The partnerships will enable the platform facilitate the movement between the XRP and the 3 countries’ native fiat currencies. A number of financial institutions recently participated in a pilot program to test xRapid’s functionality in facilitating payments between the US and Mexico.
The platform was able to cut transaction speeds from an average of 3 days to just over 2 minutes while achieving savings of up to 70% in transaction costs. Among the companies that participated in the pilot are Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas, and Cambridge Global Payments. The blockchain’s chief executive is optimistic that dozens of banks and financial institutions will have adopted the use of xRapid platform by the end of 2019.
XRP Ledger (rippled) version 1.1.0 update
Ripple has introduced an update on its platform with the XRP Ledger (rippled) version 1.1.0. The update will add DepositPreAuth to the already existing DepositAuth amendment enabling users pre authorize incoming transactions by whitelisting sender account addresses. The update also features incremental improvements to features released in the preceding updates.
The platform has advised users utilizing the XRP ledger to upgrade to the new platform before September 27th in order to ensure continuity of the services. Servers that will not have been upgraded by the set deadline will no longer be able to determine validity of a ledger, submit or process transactions, participate in the consensus process, vote on future changes on the platform and could potentially rely on invalid data.
The new update has also included measures to fix bugs present in the previous versions. These include deprecation of the ‘sign’ and ‘sign for’ API’s, correct suppression of sent messages, detection when a unit test child process crashes , improvement on the JSON exception handling among others. The update was made with support from the community and Ripple continues to invite developers to participate in the project through their Github repository.
XRP is the 3rd largest cryptocurrency with a market capitalization of USD 10.9 billion. Its current price of USD 0.2747 is a slight drop (1.84%) against the dollar. Its value has however increased against Bitcoin by about 1.13% over the last 24 hours.