Cryptocurrency industry insiders have been speculating about the suspected “Convergence” Ripple product that is about to combine three Ripple products’ functions. Can we expect Ripple to introduce new product? Read what Ripple’s Director of Talent Acquisition said.
18 September, AtoZ Markets – Recent online reports have stated a new Ripple product is up to launch the next month. According to the statement the company executive made, Ripple’s settlement system that utilizes a combination of cryptocurrency and Blockchain technologies is about to enter the market in the near future.
Ripple xRapid Launch
The product that uses XRP to complete real-time cross-border settlements has already seen some high-profile partnerships. Many investors see the product as the main use case of XRP.
Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, states that the company has managed to make a significant progress towards the official launch of the xRapid product. Sarbhai stressed as well, that the public will not need to wait for a long time before the product is released.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.” Sarbhai commented.
xRapid is unique from Ripple’s other Blockchain-based settlement system, xCurrent. It differs from the latter as it utilizes XRP and the XRP ledger in order to offer cheap and fast cross-border transactions. The product is especially tailored to meet the needs of banks and other financial institutions.
One of the prominent features of the product, that it enables converting fiat currency to XRP. The latter is then sent to the receiving party and converted to the receiving party’s fiat currency. This system can complete these processes automatically, thus allowing fiat currency to be converted and moved to any point in the world in a matter of minutes.
Will xRapid be widely adopted?
Many of the critics state that xRapid system can not be widely adopted by financial institutions. They claim that producing it was an attempt by the company to create a use case for XRP. That being said, the company has collaborated with some of the major global organizations to work with their xRapid system in beta. Some of those institutions include Santander Bank, American Express, MoneyGram, Western Union, and SBI Japan.
These agreements emerge as a trial to work with xRapid or with xCurrent. However, Ripple is quite confident that many of the company’s xCurrent clients will move to xRapid.
Sarbhai has also reportedly stated that more than 120 banks and other financial institutions are currently collaborating with Ripple in order to utilize their set of Blockchain products to increase the efficiency of their settlement systems through utilising xCurrent.
3 in 1- Ripple to gather many services in one product
Leaks report that Ripple is about taking the step of integrating its new system with Ripple’s xCurrent, xRapid, and xVia, into one solution named “Convergence”
“Earlier in the year, a big part of what my team was focused on was hiring a lot of engineering. This was probably our biggest push because we are building a software called Convergence that syncs together all of our 3 major products into one seamless format.”
Ripple’s Director of Talent Acquisition, Jim Chauncey stated last August.
Kelly announced the company’s new products in a tweet, saying:
“Hi All – for clarity — we have 3 products – xCurrent (in production) and 2 more on the way – xVia & xRapid. They will be on a ‘convergence’ release soon. There isn’t a software actually called ‘convergence.’”
It is still uncertain what impact the release of xRapid can have on XRP’s price and liquidity. However, the CEO of Ripple, Brad Garlinghouse, unveiled that he is feels confident that the product will gain wide adoption, adding that “dozens” of banks will be utilizing the it by the end of the next year.
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