In the recent Ask Me Anything session of Ripple, CEO Brad Garlinghouse answered several questions that met the interests of the XRP community. Here, the CEO was also asked about the volume levels of xRapid and what can be expected in the future. To this, Garlinghouse briefed the community on the contracts that have been signed by xRapid with a number of players.
He began by stating that the company announced three production contracts of the customers already using xRapid. One of the customers were mentioned to be Catalyst, which is an aggregator of 1,400 bank credit unions. About two months ago, the news of Catalyst Corporate Federal Credit Union came out wherein the group was looking into the technology of Ripple. Here, they had said:
“We’re making waves with @Ripple! See how #blockchain may provide #CreditUnions with faster cross-border payments at much lower costs.”
In reference to this, Garlinghouse propagated that by using xRapid, the banks would be able to source liquidity into the Mexican pesos.
Regarding the signals that would hint xRapid’s activity, the Ripple executive shared that the company has publicly shared four different digital asset exchanges with xRapid: Bitstamp, Bittrex, Coins.ph and Bitso.
Garlinghouse also reminded the community that it is still the early days in the progress of Ripple and XRP. He added that bringing significant changes to how banking and financial institutions manage their liquidity is going to be a marathon. Furthermore, in that marathon, Ripple is way ahead of the competition, opined the CEO.
He rested his case by stating that he is thrilled for the journey wherein the community has a long way to go. He also advised that exchanges are a great platform to look for signals of xRapid volume and activity. In his words:
“I’m thrilled by the same token, we have a long way to go. And if people want to look for signals, those are exchanges you can look at. We certainly will partner with other exchanges and I expect some of those will announce publicly.”
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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