Ripple’s Swell Conference 2018 kicked off yesterday with a major announcement. Ripple announced that xRapid is now commercially available and will go into production with multiple customers. The XRP price rose briefly from around 0.54 to nearly 0.60 USD after this announcement.
When Ripples CEO Brad Garlinghouse hit the stage yesterday, he initially stated that Ripple has seen a tremendous customer growth year-after-year and has signed an average of two production customers per week. He then blew up the bomb, which was released a few minutes earlier by a press release on the Ripple blog.
Garlinghouse announced that xRapid is now commercially available and will be in production with three customers: Catalyst Corporate Federal Credit Union, MercuryFX and Cuallix. XRapid is the ripple product that uses the cryptocurrency XRP for payments. With this solution, the company offers financial institutions liquidity for cross-border payments, as xRapid eliminates the need to preserve liquidity in nostro accounts when making cross-border payments. XRP serves as a “bridge currency”. Therefore, cross-border payments can occur swiftly and at a lower fee.
The payment service providers Cuallix and MercuryFX have already participated in pilot projects of xRapid. MercuryFX will use xRapid in the Euro-Mexico payment corridor. On the other hand, Cuallix will use its Payllix and Cuallet platforms to provide a great experience for individuals and families who want to send money – from the US to Mexico. Catalyst Corporate Federal Credit Union will provide xRapid with a new cross-border payment service and offer it to its customers.
The Ripple XRP course
After the Ripple (XRP) price slipped to $ 0.5363 during the day from $ 0.592 yesterday, the ripple price received new support through the announcement and shot up to a high of $ 0.5958 within two hours. Currently the price of XRP is still $0.56.
For more information on the Ripple Swell Conference 2018, visit the ripple blog. Unfortunately there is no official livestream.