After the release of the xRapid pilot results yesterday, the companies who undertook the project have been all praises for the efficiency and speed of transactions that took place using xRapid. 7 companies undertook the pilot, which are Cuallix, IDT Corporation, MercuryFX, Money Gram, Western Union, Viamericas and Cambridge Global Payments.
The preliminary results saw participating financial institutions save around 40-70% of what they normally pay to forex providers, with a transaction time of about 2 minutes as opposed to today’s average of 2-3 days. Reportedly, the part of the transaction that takes place on the XRP Ledger took only 2-3 seconds.
Asheesh Birla, SVP of Product at Ripple said:
“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility,”
He went on to say:
“XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second.”
xRapid reduces costs associated with nostro accounts and fees charged by banking networks. Paul Dwyer, the co-founder and CEO of Foreign Exchange company Viamerica, said:
“We were very pleased with our pilot results. It’s clear that xRapid can lower liquidity costs while increasing payment speed and transparency in a way that facilitates rigorous compliance controls”
This is in line with Ripple’s vision for what their products stand for, mainly “speed, security and compliance with local regulations”. Mr. Dwyer went on to say:
“We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure as their adoption grows.”
Alastair Constance, the founder of Mercury FX, a prominent Foreign Exchange company, had this to say about the results of the pilot:
“Mercury is delighted with the incredible speed and cost-efficiency of the xRapid pilot phase and is excited about a production rollout in the near future. To date, the Ripple collaboration has been a great success.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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